Permalinks: Page Not Found

Do you have mod_rewrite enabled?

This sort of thing tends to happen when it’s not. At which point, you only have access to ugly permalinks (?p=N) or “almost pretty” permalinks (/index.php/slug). The latter uses pathinfo to get you the page you’re requesting instead.

So I’d suggest double checking whether mod_rewrite is installed and enabled. If it turns out it isn’t, enable it and restart Apache.

Here’s more on using permalinks from the WP codex.