your syntax looks right, except for the 2 semicolons at the end of this line:
$connect = mysql_connect("127.0.0.1","","") or die(mysql_error());;
there should only be 1 semi-colon at the end.
as for connecting, is mysql expecting a username? if it is, then you need to specify one.
what does mysql_error return when the connection fails??
I don't know if this should matter, but try using localhost instead of 127.0.0.1