Before starting, you need to make sure IIS is configured on your local machine correctly. To do this the easy way, right click on - Start > All Programs > Accessories > Command Prompt - and choose "Run as Administrator", then type in the following and hit enter;
start /w pkgmgr /iu:IIS-WebServerRole;IIS-WebServer;IIS-CommonHttpFeatures;IIS-StaticContent;IIS-DefaultDocument;IIS-DirectoryBrowsing;IIS-HttpErrors;IIS-ApplicationDevelopment;IIS-ASPNET;IIS-NetFxExtensibility;IIS-ISAPIExtensions;IIS-ISAPIFilter;IIS-HealthAndDiagnostics;IIS-HttpLogging;IIS-LoggingLibraries;IIS-RequestMonitor;IIS-HttpTracing;IIS-CustomLogging;IIS-Security;IIS-BasicAuthentication;IIS-WindowsAuthentication;IIS-DigestAuthentication;IIS-RequestFiltering;IIS-Performance;IIS-HttpCompressionStatic;IIS-HttpCompressionDynamic;IIS-WebServerManagementTools;IIS-ManagementConsole;IIS-IIS6ManagementCompatibility;IIS-Metabase;IIS-WMICompatibility;WAS-WindowsActivationService;WAS-ProcessModel;WAS-NetFxEnvironment;WAS-ConfigurationAPI
0: Open SP Designer by going to: Start > All Programs > SharePoint > Microsoft SharePoint Designer 2010
Once launched, Click: "Open Site" and in the dialogue that appears type the URL of your SharePoint instance - I.E. http://sharepoint - or - http://localhost
1: Alternate Access Mappings will need to be configured for any address that you wish to use in Central Administration > Configure alternate access mappings > Alternate Access Mapping Collection > Change alternate access mapping > SharePoint - 80
2: Start > All Programs > Administrative Tools > Internet Information Services (IIS) Manager > Application Pools > SharePoint Web Services Root
This web service application pool is started and stopped by SharePoint, manually starting or stopping it is not advisable. The Identity this Application Pool runs within is important. You can also check this by PowerShell- Get-SPServiceApplicationPool
3: IIS Manager > Application Pools > SharePoint Web Services Root > Advanced Settings > Process Model > Identity > Custom account
The account that you specify, has to able to connect to IIS and authenticate. Change the account to one with sufficient access rights.
IISRESET
The executing assembly in this Web Services Root,"C:\Program Files\Common Files\Microsoft
Shared\Web Server Extensions\14\isapi\owssvr.dll", is a 64-bit assembly and the "applicationhost.config" located in - "C:\Windows\System32\Inetsrv" may need to be modified to include a bitness flasg by adding ",bitness64" where you find this assembly referenced in the GlobalModules section.
IISRESET
4: IIS Manager > Sites > SharePoint - 80 > under "ISAPI Filters", make sure all "Executable" paths point to > Microsoft.NET\Framework64\v#.#.####\aspnet_filter.dll
IISRESET
Final note, you will need integrated windows authentication in IIS Authentication Settings enabled as Basic Authentication is not going to help. After all this, can I say that I have some experience with this and personally use Virtual Machines for SharePoint as it does not fully integrate with Windows 7. You will have it working (with some work) but it will never be as easy to manage, control, update, roll-back and play with as a dedicated virtual machine, which can have snapshots stored and easily reverted, unlike a desktop or laptop.
Good luck!