I followed Mike's steps and everything worked fine. LightSpeed started on its own after I completed the steps. Everything went well and I noticed that the web pages were loading slower than Apache. So I tried to see the settings in the Admin interface of LightSpeed. Unfortunately, the web admin panel did not allow me to login (the page would not load!).
So I switched over to Apache, made sure everything worked fine and then tried switching back to LightSpeed. Unfortunately, lightspeed's throwing 500 Internal Server Error since then.
Apache works fine though.