I'm on 4.0.1 and actually running on Server 2008R2 64bit and ran into the same issue and happy to help anyone else in the community with the following info that wasn't so easy to find:
By default, since Java only saw my 32bit Chrome browser, that's what I ended up with and got the following message when trying to sign in:
"Wowza Streaming Engine Manager could not connect to the Wowza Steaming Engine (http://localhost:8087). Verify that the Wowza Streaming Engine service has started and is running."
"The Wowza Streaming Engine 4.0.1 service on [my server name] started and then stopped. Some services stop automatically if they are not in use by other services or programs"
I.e., this isn't just a 32bit OS issue.
When I couldn't run either the engine service or the standalone, I ran the "startup.bat & pause" in a terminal which revealed the above java error. I installed 64bit Java, verified it, but it didn't make a difference and then came across two solutions.
First and foremost, you'll want to update the Tune.conf as Inderjeet recommends, but since Wowza (for whatever reason) did not to fix this in 4.0.1, others may want/need to do the following instead:
To Fix The "Missing "server" JVM at `C:\Program Files\Java\jre7\bin\server\jvm**.dll'. Please install or use the JRE or JDK that contains these missing components. Press any key to continue . . "
follow the steps:
Go to oracle.com and install java jre7 (check not be installed java 6 plz)
After that go to C:/Program files/java/jre7/bin
Here create an folder called "server" (without " ")
Now go into the C:/Program files/java/jre7/bin/client folder
COPY all data of this folder into the new C:/Program files/java/jre7/bin/Server