Eth0 Activate Issue

I am installing RH 7.3 on my machine and it recognizes the Ethernet card correctly but it fails to activate during boot and I am unable to start it manually after login. During boot the message is "Determining IP information for eth0. [FAILED]" and when IFCONFIG is run it says that eth0 device is busy. There is also a local loopback process running if that makes any difference. I would appreciate any suggestions.