inetd is a mess in that it never checks the process table. i was hit last week with a DoS attack that failed. why? becuase xinetd was set to deny the IP anyhow nd never forked. just flooded my logs with failures, but hey, my machine survived.
linux inetd is, of course, subject to this issue. so just move to xinetd, already. other inetd replacements can also be used to control the number of daemon processes spawned... and you should use them. unfortunately, not everyone has the luxury of implementing firewalls.
i grabbed xinetd from tp://coast.cs.purdue.edu/pub/tool/u nix/xinetd/ and it works like a champ.