When was this installed? It looks like you may have installed using System for the process model. Can you verify that? If you did, I would suggest a reinstall using Machine instead.
What is the OS of the server?
Is it a 32-bit or 64-bit?
There errors are similar to what was reported in this thread: Login Failed with 4.1 and 64bit 2003 server - FailDBConn. I'm not sure if you have the same thing going on though or not since I think this error was only reported in some versions of Vault 4.x. I'll just need a little more information first.
Failed to connect
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