local wordpress setup

Hi,

Suppose i want to do a local setup of my wordpress site which is already live how do i do that.

What my doubt is: 1) I will have the database of my website say (LMR.com)
2) from FTP i take the backup of my content files.

Suppose i Install the word press locally and “replace all the files” with the FTP files of LMR.com locally and also create a DB and Import the DB of my LMR.

will it work?

because in the DB there will be links as per the website LMR.com…. however i will access the site locally from localhost…

Can anyone suggest me how do i do that?