diff --git a/include/uv-win.h b/include/uv-win.h
index 31306b55..2d6093aa 100644
--- a/include/uv-win.h
+++ b/include/uv-win.h
@@ -46,13 +46,18 @@ typedef struct uv_buf_t {
  * Private uv_pipe_instance state.
  */
 typedef enum {
-  UV_PIPEINSTANCE_DISCONNECTED = 0,
-  UV_PIPEINSTANCE_PENDING,
-  UV_PIPEINSTANCE_WAITING,
-  UV_PIPEINSTANCE_ACCEPTED,
+  UV_PIPEINSTANCE_CONNECTED = 0,
+  UV_PIPEINSTANCE_DISCONNECTED,
   UV_PIPEINSTANCE_ACTIVE
 } uv_pipeinstance_state;
 
+/* Used to store active pipe instances inside a linked list. */
+typedef struct uv_pipe_instance_s {
+  HANDLE handle;
+  uv_pipeinstance_state state;
+  struct uv_pipe_instance_s* next;
+} uv_pipe_instance_t;
+
 #define UV_REQ_PRIVATE_FIELDS             \
   union {                                 \
     /* Used by I/O operations */          \
@@ -93,23 +98,14 @@ typedef enum {
 
 #define uv_pipe_server_fields             \
     char* name;                           \
-    int connectionCount;                  \
     uv_pipe_instance_t* connections;      \
-    uv_pipe_instance_t* acceptConnection; \
-    uv_pipe_instance_t  connectionsBuffer[4];
+    struct uv_req_s accept_reqs[4];
 
 #define uv_pipe_connection_fields         \
     uv_pipe_t* server;                    \
     uv_pipe_instance_t* connection;       \
     uv_pipe_instance_t clientConnection;
 
-#define UV_PIPE_PRIVATE_TYPEDEF           \
-  typedef struct uv_pipe_instance_s {     \
-    HANDLE handle;                        \
-    uv_pipeinstance_state state;          \
-    uv_req_t accept_req;                  \
-  } uv_pipe_instance_t;
-
 #define UV_PIPE_PRIVATE_FIELDS            \
   union {                                 \
     struct { uv_pipe_server_fields };     \
diff --git a/include/uv.h b/include/uv.h
index e5eada6c..d470a259 100644
--- a/include/uv.h
+++ b/include/uv.h
@@ -298,19 +298,17 @@ int uv_getsockname(uv_tcp_t* handle, struct sockaddr* name, int* namelen);
 /*
  * A subclass of uv_stream_t representing a pipe stream or pipe server.
  */
-UV_PIPE_PRIVATE_TYPEDEF
-
-struct uv_pipe_s {
-  UV_HANDLE_FIELDS
-  UV_STREAM_FIELDS
-  UV_PIPE_PRIVATE_FIELDS
+struct uv_pipe_s { 
+  UV_HANDLE_FIELDS 
+  UV_STREAM_FIELDS 
+  UV_PIPE_PRIVATE_FIELDS 
 };
 
 int uv_pipe_init(uv_pipe_t* handle);
 
 int uv_pipe_bind(uv_pipe_t* handle, const char* name);
 
-int uv_pipe_listen(uv_pipe_t* handle, int instanceCount, uv_connection_cb cb);
+int uv_pipe_listen(uv_pipe_t* handle, uv_connection_cb cb);
 
 int uv_pipe_connect(uv_req_t* req, const char* name);
 
@@ -494,6 +492,7 @@ extern uint64_t uv_hrtime(void);
 /* the presence of this union forces similar struct layout */
 union uv_any_handle {
   uv_tcp_t tcp;
+  uv_pipe_t pipe;
   uv_prepare_t prepare;
   uv_check_t check;
   uv_idle_t idle;
diff --git a/src/uv-common.h b/src/uv-common.h
index 74b4c4e3..fbe47973 100644
--- a/src/uv-common.h
+++ b/src/uv-common.h
@@ -29,6 +29,8 @@
 
 #include "uv.h"
 
+#define COUNTOF(a) (sizeof(a) / sizeof(a[0]))
+
 /*
  * Subclass of uv_handle_t. Used for integration of c-ares.
  */
diff --git a/src/uv-unix.c b/src/uv-unix.c
index b9cd6b88..ab8a5e6a 100644
--- a/src/uv-unix.c
+++ b/src/uv-unix.c
@@ -1629,7 +1629,7 @@ int uv_pipe_bind(uv_pipe_t* handle, const char* name) {
 }
 
 
-int uv_pipe_listen(uv_pipe_t* handle, int instanceCount, uv_connection_cb cb) {
+int uv_pipe_listen(uv_pipe_t* handle, uv_connection_cb cb) {
   assert(0 && "implement me");
 }
 
diff --git a/src/uv-win.c b/src/uv-win.c
index dad3e438..7166e37f 100644
--- a/src/uv-win.c
+++ b/src/uv-win.c
@@ -377,6 +377,7 @@ static uv_err_code uv_translate_sys_error(int sys_errno) {
     case ERROR_INVALID_PARAMETER:           return UV_EINVAL;
     case ERROR_NO_UNICODE_TRANSLATION:      return UV_ECHARSET;
     case ERROR_BROKEN_PIPE:                 return UV_EOF;
+    case ERROR_PIPE_BUSY:                   return UV_EBUSY;
     default:                                return UV_UNKNOWN;
   }
 }
@@ -531,11 +532,6 @@ static uv_req_t* uv_overlapped_to_req(OVERLAPPED* overlapped) {
 }
 
 
-static uv_pipe_instance_t* uv_req_to_pipeinstance(uv_req_t* req) {
-  return CONTAINING_RECORD(req, uv_pipe_instance_t, accept_req);
-}
-
-
 static void uv_insert_pending_req(uv_req_t* req) {
   req->next_req = NULL;
   if (uv_pending_reqs_tail_) {
@@ -1009,29 +1005,38 @@ static void uv_tcp_queue_accept(uv_tcp_t* handle) {
 
 static void uv_pipe_queue_accept(uv_pipe_t* handle) {
   uv_req_t* req;
-  uv_pipe_instance_t* instance;
+  HANDLE pipeHandle;
   int i;
 
   assert(handle->flags & UV_HANDLE_LISTENING);
 
-  /* This loop goes through every pipe instance and calls ConnectNamedPipe for every pending instance.
-   * TODO: Make this faster (we could maintain a linked list of pending instances).
-   */
-  for (i = 0; i < handle->connectionCount; i++) {
-    instance = &handle->connections[i];
+  for (i = 0; i < COUNTOF(handle->accept_reqs); i++) {
+    req = &handle->accept_reqs[i];
+    if (!(req->flags & UV_REQ_PENDING)) {
+      pipeHandle = CreateNamedPipe(handle->name,
+                                   PIPE_ACCESS_DUPLEX | FILE_FLAG_OVERLAPPED,
+                                   PIPE_TYPE_BYTE | PIPE_READMODE_BYTE | PIPE_WAIT,
+                                   PIPE_UNLIMITED_INSTANCES,
+                                   65536,
+                                   65536,
+                                   0,
+                                   NULL);
 
-    if (instance->state == UV_PIPEINSTANCE_PENDING) {
-      /* Prepare the uv_req structure. */
-      req = &instance->accept_req;
-      uv_req_init(req, (uv_handle_t*)handle, NULL);
-      assert(!(req->flags & UV_REQ_PENDING));
-      req->type = UV_ACCEPT;
-      req->flags |= UV_REQ_PENDING;
+      if (pipeHandle == INVALID_HANDLE_VALUE) {
+        continue;
+      }
+
+      if (CreateIoCompletionPort(pipeHandle,
+                                 uv_iocp_,
+                                 (ULONG_PTR)handle,
+                                 0) == NULL) {
+        continue;
+      }
 
       /* Prepare the overlapped structure. */
       memset(&(req->overlapped), 0, sizeof(req->overlapped));
 
-      if (!ConnectNamedPipe(instance->handle, &req->overlapped) &&
+      if (!ConnectNamedPipe(pipeHandle, &req->overlapped) && 
           GetLastError() != ERROR_IO_PENDING && GetLastError() != ERROR_PIPE_CONNECTED) {
         /* Make this req pending reporting an error. */
         req->error = uv_new_sys_error(GetLastError());
@@ -1040,9 +1045,9 @@ static void uv_pipe_queue_accept(uv_pipe_t* handle) {
         continue;
       }
 
-      instance->state = UV_PIPEINSTANCE_WAITING;
-      handle->reqs_pending++;
+      req->data = pipeHandle;
       req->flags |= UV_REQ_PENDING;
+      handle->reqs_pending++;
     }
   }
 }
@@ -1174,16 +1179,28 @@ static int uv_tcp_accept(uv_tcp_t* server, uv_tcp_t* client) {
 
 
 static int uv_pipe_accept(uv_pipe_t* server, uv_pipe_t* client) {
-  assert(server->acceptConnection);
+  uv_pipe_instance_t* connection = server->connections;
+
+  /* Find a connection instance that has been connected, but not yet accepted. */
+  while (connection) {
+    if (connection->state == UV_PIPEINSTANCE_CONNECTED) {
+      break;
+    }
+
+    connection = connection->next;
+  }
+
+  if (!connection) {
+    /* No valid connections found, so we error out. */
+    uv_set_sys_error(UV_ENOTCONN);
+    return -1;
+  }
 
   /* Make the connection instance active */
-  server->acceptConnection->state = UV_PIPEINSTANCE_ACTIVE;
-
-  /* Move the connection instance from server to client */
-  client->connection = server->acceptConnection;
-  server->acceptConnection = NULL;
-
-  /* Remember the server */
+  connection->state = UV_PIPEINSTANCE_ACTIVE;
+  
+  /* Assign the connection to the client. */
+  client->connection = connection;
   client->server = server;
 
   uv_init_connection((uv_stream_t*)client);
@@ -1858,15 +1875,30 @@ static void uv_process_pipe_write_req(uv_pipe_t* handle, uv_req_t* req) {
 
 
 static void uv_process_pipe_accept_req(uv_pipe_t* handle, uv_req_t* req) {
+  uv_pipe_instance_t* pipeInstance;
+
   assert(handle->type == UV_NAMED_PIPE);
 
   /* Mark the request non-pending */
   req->flags &= ~UV_REQ_PENDING;
 
   if (req->error.code == UV_OK) {
-    /* Put the connection instance into accept state */
-    handle->acceptConnection = uv_req_to_pipeinstance(req);
-    handle->acceptConnection->state = UV_PIPEINSTANCE_ACCEPTED;
+    assert(req->data);
+
+    /* Create the connection instance and add it to the connections list. */
+    pipeInstance = (uv_pipe_instance_t*)malloc(sizeof(uv_pipe_instance_t));
+    if (!pipeInstance) {
+      uv_fatal_error(ERROR_OUTOFMEMORY, "malloc");
+    }
+
+    pipeInstance->handle = req->data;
+    pipeInstance->state = UV_PIPEINSTANCE_CONNECTED;
+    pipeInstance->next = handle->connections;
+    handle->connections = pipeInstance;
+
+    /* Clear the request. */
+    req->data = NULL;
+    req->flags = 0;
 
     if (handle->connection_cb) {
       handle->connection_cb((uv_handle_t*)handle, 0);
@@ -2985,13 +3017,23 @@ int uv_pipe_init(uv_pipe_t* handle) {
 /* Creates a pipe server. */
 /* TODO: make this work with UTF8 name */
 int uv_pipe_bind(uv_pipe_t* handle, const char* name) {
+  int i;
+
   if (!name) {
     return -1;
   }
 
   handle->connections = NULL;
-  handle->acceptConnection = NULL;
-  handle->connectionCount = 0;
+
+  /* Initialize accept requests. */
+  for (i = 0; i < COUNTOF(handle->accept_reqs); i++) {
+    handle->accept_reqs[i].flags = 0;
+    handle->accept_reqs[i].type = UV_ACCEPT;
+    handle->accept_reqs[i].handle = (uv_handle_t*)handle;
+    handle->accept_reqs[i].cb = NULL;
+    handle->accept_reqs[i].data = NULL;
+    uv_counters()->req_init++;
+  }
 
   /* Make our own copy of the pipe name */
   handle->name = (char*)malloc(MAX_PIPENAME_LEN);
@@ -3007,7 +3049,7 @@ int uv_pipe_bind(uv_pipe_t* handle, const char* name) {
 
 
 /* Starts listening for connections for the given pipe. */
-int uv_pipe_listen(uv_pipe_t* handle, int instanceCount, uv_connection_cb cb) {
+int uv_pipe_listen(uv_pipe_t* handle, uv_connection_cb cb) {
   int i, maxInstances, errno;
   HANDLE pipeHandle;
   uv_pipe_instance_t* pipeInstance;
@@ -3023,61 +3065,11 @@ int uv_pipe_listen(uv_pipe_t* handle, int instanceCount, uv_connection_cb cb) {
     return -1;
   }
 
-  if (instanceCount <= sizeof(handle->connectionsBuffer)) {
-    /* Use preallocated connections buffer */
-    handle->connections = handle->connectionsBuffer;
-  } else {
-    handle->connections = (uv_pipe_instance_t*)malloc(instanceCount * sizeof(uv_pipe_instance_t));
-    if (!handle->connections) {
-      uv_fatal_error(ERROR_OUTOFMEMORY, "malloc");
-    }
-  }
-
-  maxInstances = instanceCount >= PIPE_UNLIMITED_INSTANCES ? PIPE_UNLIMITED_INSTANCES : instanceCount;
-
-  for (i = 0; i < instanceCount; i++) {
-    pipeHandle = CreateNamedPipe(handle->name,
-                                 PIPE_ACCESS_DUPLEX | FILE_FLAG_OVERLAPPED,
-                                 PIPE_TYPE_BYTE | PIPE_READMODE_BYTE | PIPE_WAIT,
-                                 maxInstances,
-                                 65536,
-                                 65536,
-                                 0,
-                                 NULL);
-
-    if (pipeHandle == INVALID_HANDLE_VALUE) {
-      errno = GetLastError();
-      goto error;
-    }
-
-    if (CreateIoCompletionPort(pipeHandle,
-                               uv_iocp_,
-                               (ULONG_PTR)handle,
-                               0) == NULL) {
-      errno = GetLastError();
-      goto error;
-    }
-
-    pipeInstance = &handle->connections[i];
-    pipeInstance->handle = pipeHandle;
-    pipeInstance->state = UV_PIPEINSTANCE_PENDING;
-  }
-
-  /* We don't need the pipe name anymore. */
-  free(handle->name);
-  handle->name = NULL;
-
-  handle->connectionCount = instanceCount;
   handle->flags |= UV_HANDLE_LISTENING;
   handle->connection_cb = cb;
 
   uv_pipe_queue_accept(handle);
   return 0;
-
-error:
-  close_pipe(handle, NULL, NULL);
-  uv_set_sys_error(errno);
-  return -1;
 }
 
 /* TODO: make this work with UTF8 name */
@@ -3140,28 +3132,46 @@ error:
 
 /* Cleans up uv_pipe_t (server or connection) and all resources associated with it */
 static void close_pipe(uv_pipe_t* handle, int* status, uv_err_t* err) {
-  uv_pipe_instance_t* connection;
+  uv_pipe_instance_t* connection, *next, *cur, **prev;
+  HANDLE pipeHandle;
   int i;
 
   if (handle->flags & UV_HANDLE_PIPESERVER) {
     if (handle->flags & UV_HANDLE_CONNECTION) {
       /*
        * The handle is for a connection instance on the pipe server.
-       * To clean-up, we call DisconnectNamedPipe, and return the instance to pending state,
-       * which will be ready to accept another pipe connection in uv_pipe_queue_accept.
+       * To clean-up, we call DisconnectNamedPipe, and then uv_pipe_queue_accept will cleanup the allocated uv_pipe_instance_t.
        */
+
       connection = handle->connection;
-      if (connection && connection->state != UV_PIPEINSTANCE_PENDING && connection->handle != INVALID_HANDLE_VALUE) {
-        /* Disconnect the connection intance and return it to pending state */
+      if (connection && connection->handle != INVALID_HANDLE_VALUE) {
+        /* Disconnect the connection intance and return it to pending state. */
         if (DisconnectNamedPipe(connection->handle)) {
-          connection->state = UV_PIPEINSTANCE_PENDING;
-          handle->connection = NULL;
           if (status) *status = 0;
         } else {
           if (status) *status = -1;
           if (err) *err = uv_new_sys_error(GetLastError());
         }
 
+        connection->state = UV_PIPEINSTANCE_DISCONNECTED;
+        connection->handle = NULL;
+
+        cur = handle->connections;
+        handle->connection = NULL;
+        prev = &handle->server->connections;        
+
+        /* Remove the connection from the list. */
+        while (connection) {
+          if (cur == connection) {
+            *prev = connection->next;
+            free(connection);
+            break;
+          } else {
+            prev = &connection->next;
+            connection = connection->next;
+          }
+        }
+
         /* Queue accept now that the instance is in pending state. */
         if (!(handle->server->flags & UV_HANDLE_CLOSING)) {
           uv_pipe_queue_accept(handle->server);
@@ -3170,7 +3180,7 @@ static void close_pipe(uv_pipe_t* handle, int* status, uv_err_t* err) {
     } else {
       /*
        * The handle is for the pipe server.
-       * To clean-up we close every connection instance that was made in uv_pipe_listen.
+       * To clean-up we close every active and pending connection instance.
        */
 
       if (handle->name) {
@@ -3178,23 +3188,31 @@ static void close_pipe(uv_pipe_t* handle, int* status, uv_err_t* err) {
         handle->name = NULL;
       }
 
-      if (handle->connections) {
-        /* Go through the list of connections, and close each one with CloseHandle. */
-        for (i = 0; i < handle->connectionCount; i++) {
-          connection = &handle->connections[i];
-          if (connection->state != UV_PIPEINSTANCE_DISCONNECTED && connection->handle != INVALID_HANDLE_VALUE) {
-            CloseHandle(connection->handle);
-            connection->state = UV_PIPEINSTANCE_DISCONNECTED;
-            connection->handle = INVALID_HANDLE_VALUE;
-          }
+      connection = handle->connections;
+      while (connection) {
+        pipeHandle = connection->handle;
+
+        if (pipeHandle) {
+          DisconnectNamedPipe(pipeHandle);
+          CloseHandle(pipeHandle);
         }
 
-        /* Free the connections buffer. */
-        if (handle->connections != handle->connectionsBuffer) {
-          free(handle->connections);
-        }
+        next = connection->next;
+        free(connection);
+        connection = next;
+      }
 
-        handle->connections = NULL;
+      handle->connections = NULL;
+
+      for (i = 0; i < COUNTOF(handle->accept_reqs); i++) {
+        if (handle->accept_reqs[i].flags & UV_REQ_PENDING) {
+          pipeHandle = handle->accept_reqs[i].data;
+          assert(pipeHandle);
+          DisconnectNamedPipe(pipeHandle);
+          CloseHandle(pipeHandle);
+          handle->accept_reqs[i].flags = 0;
+          handle->reqs_pending--;
+        }
       }
 
       if (status) *status = 0;
@@ -3202,7 +3220,7 @@ static void close_pipe(uv_pipe_t* handle, int* status, uv_err_t* err) {
   } else {
     /*
      * The handle is for a connection instance on the pipe client.
-     * To clean-up
+     * To clean-up we close the pipe handle.
      */
     connection = handle->connection;
     if (connection && connection->handle != INVALID_HANDLE_VALUE) {
diff --git a/test/benchmark-pump.c b/test/benchmark-pump.c
index 2d48c8ab..ad3676d7 100644
--- a/test/benchmark-pump.c
+++ b/test/benchmark-pump.c
@@ -265,6 +265,13 @@ static void maybe_connect_some() {
       uv_req_init(req, (uv_handle_t*)pipe, connect_cb);
       r = uv_pipe_connect(req, TEST_PIPENAME);
       ASSERT(r == 0);
+
+#ifdef _WIN32
+      /* HACK: This is temporary to give the pipes server enough time to create new handles.
+       * This will go away once uv_pipe_connect can deal with UV_EBUSY.
+       */
+      Sleep(1);
+#endif
     }
   }
 }
@@ -403,7 +410,7 @@ HELPER_IMPL(pipe_pump_server) {
   ASSERT(r == 0);
   r = uv_pipe_bind(&pipeServer, TEST_PIPENAME);
   ASSERT(r == 0);
-  r = uv_pipe_listen(&pipeServer, MAX_WRITE_HANDLES, connection_cb);
+  r = uv_pipe_listen(&pipeServer, connection_cb);
   ASSERT(r == 0);
 
   uv_run();
diff --git a/test/echo-server.c b/test/echo-server.c
index 0809858a..4dc0e20c 100644
--- a/test/echo-server.c
+++ b/test/echo-server.c
@@ -247,7 +247,7 @@ static int pipe_echo_start(char* pipeName) {
     return 1;
   }
 
-  r = uv_pipe_listen(&pipeServer, 1, on_connection);
+  r = uv_pipe_listen(&pipeServer, on_connection);
   if (r) {
     /* TODO: Error codes */
     fprintf(stderr, "Listen error on IPv6\n");