SOAPUI Exception:ERROR:java.net.ConnectException: Connection timed out: connect Solution

Issue:
When you test a free Web Service using SoapUI, you might be always got following exception.
Wed Mar 24 14:09:07 CST 2010:ERROR:java.net.ConnectException: Connection timed out: connect
Reason:
Please make sure your network setting is correct, especially for your proxy setting. May be all the request must be transfer to a proxy server in your company.
Solution:
Following is how to set a proxy in SOAPUI.
1. Go to File > Preferences > Proxy Settings
2. Fill necessary arguments for your proxy