A couple of simple checks first:
1) Check the NIC and see if the lights are flashing where the cable is plugged in. If not, check your cables. If all cables are plugged in properly, then you have a bad cable.
2) Can other machines ping the newly added one? Can your machine ping itself (not the loopback address, but the one you assigned it)? If not, then check your TCP/IP settings again. The problem with setting up static IP addresses is that you sometimes assign the same IP address to different machines. In addition, you allow for human error by accidently entering in the wrong information (e.g., subnet mask of 255.255.25.50). If you have a router, I'd suggest not entering in the IP address and instead allow the router to assign the machines values.
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I swear, troubleshooting is a science: the best discoveries are always on accident...