Okay, I'll bite.
Is this for a home or work system?
Are you having problems with inetd? Maybe stop and start it again.
Is this an IP that you recognize? Is the range in your same Class as the box? Is it in your domain?
Is it outside your firewall? Only systems that have access can telnet to your host.
If this is an unauthorized attempt to access your system, I would report it to your security group.