Does connection in TIME_WAIT count?

[Jozef Skvarcek <jozef@photonfield.net>]

Hi,

When a client closes, say HTTP, connection to my server then the
connection continues to be listed on the server for some period of time
in the state `TIME_WAIT'. Does such a connection still counts as valid
one, ie does the web server see it?

Thank you,

Jozef