It helps to know that for this extension to work, you need a server with 'Memcached' (a service independent of PHP) installed and running as a service.
The documentation herein refers a lot to 'memcache_host'. This is not an arbitrary string, but should be a host name (eg localhost) or an IP address of a server running memcached.
If you have just installed the php memcache extension then you will not necessarily have memcached installed as well