This isn't a server admin forum, nor a TCP/IP protocol forum. If we need to really know much about these issues, I'd suggest we all find one.
A few tips to get us started, and then let's concentrate on the business at hand, eh?
On most platforms, "netstat" is available in the shell/CLI. Look for something like this to see if you have a webserver running:
netstat -anf inet
Active Internet connections (including servers)
Proto Recv-Q Send-Q Local Address Foreign Address (state)
tcp4 0 0 *.80 *.* LISTEN
Windows is slightly different (it doesn't accept the "f" switch or inet keyword, nor have the columns for the size of the send/receive queues), but the idea is the same.
This output indicates that the machine I'm on is "listening" on port 80 (the default port for http requests). If your machine isn't, you must either install a webserver, or start the one you have already installed. Both operations are rather OT for phpbuilder.com, although we do have two forums for "Linux/Unix help" and "Windows help" (but they aren't used much.)
Now, assuming that your machine is listening on port 80, you need to know what address to "go to" with your browser. In the example above, the machine is listening on all standard interfaces on port 80 (hence the display shows *.80 instead of, say, your LAN address of 192.168.1.55:80 or your outside interface of "You.rPu.bli.cIP:80").
All machines have a "loopback" interface at the address 127.0.0.1. All machines, if properly set up, know that the name "localhost" applies to the address 127.0.0.1, so, if you have a local http server listening on port 80 on all interfaces, http://localhost/ should get you there. Otherwise, you might have to point to (examples) http://192.168.1.55/ (for a LAN interface) or http://You.rPu.bli.cIP/ (when You.rPu.bli.cIP is your dotted-quad IPv4 address).
Beyond that, you get into DNS and name resolution. You can assign names arbitrarily for your own machine by editing the hosts file (/etc/hosts on most 'Nix systems; %systemdir%/hosts on older Windows and %systemdir%/system/drivers/etc/hosts on Win2K/XP --- note that the "hosts" file may not be present on Windows systems, but there will, in this case, be a "hosts.sam" file which you should copy to "hosts" and edit to set up a "name" that you can use for your system to hit your local development server. The format is pretty simple:
192.168.1.55 testserver.foobar.local testserver
in a hosts file will cause your computer to look at 192.168.1.55 whenever you run TCP/IP operations using the name "testserver".
Note that you could replicate this hosts file to a whole bunch of machines, if you wanted to. This would allow everyone to know what address "testserver.foobar.local" had. AAMOF, this is exactly how the Internet used to work. Machine administrators would download a new "hosts" file from a central server every week or so, to see what new machines had been connected to the 'Net.
As the size of the hosts file grew, and the job of keeping up with the entries on it got to be too much to handle, the community needed a new solution, so Paul Mockapetris invented DNS as we (more or less) know and love it today. But, that's another subject entirely, also....