Created two months ago, the WordPress.org support forums has added a new section specifically for those that install and or use WordPress on a localhost. Installing WordPress onto a PC or Mac that can be used locally without an internet connection can at times become quite the endeavor. Thankfully, there are software suites such as WAMPServer and XAMPP that make the process of installing all of the necessary software to turn a machine into a web server very easy.
The following link has an assortment of community created tutorials for various setups to install WordPress on your local machine. There are also a number of links published within the WordPress Installation Techniques Codex Article.