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Usage guidance, also known as a tag wiki excerpt, is a short blurb that describes when and why a tag should be used on this site specifically.
Normally localhost resolves to the address
127.0.0.x (IPv4) and
::1 (IPv6) as one can see in the hosts file:
127.0.0.1 localhost ::1 localhost
Running WordPress (or PHP and MySQL in general) locally will require a local Apache HTTP server and MySQL server. This can easily be done with one of these tools:
Take a look at the Codex for further infos about a local installation of WordPress: