How to reuse TCP listening socket immediately after it was connected at least once?

[Igor Katson]

I have written a socket server and some arbitrary clients. When I 
shutdown the server, and do socket.close(), I cannot immediately start 
it again cause it has some open sockets in TIME_WAIT state. It throws 
address already in use exception at me. I have searched for that in 
google but haven't found a way to solve that.

Tried
setsockopt(socket.SOL_SOCKET, socket.SO_REUSEADDR, 1)
but that does not help.

Is there a nice way to overcome this?