Premium Theme Offline to Online

Hi Guys,

I am fairly new to wordpress but think I understand the basics and am fairly competent in IT having hosted various servers before for minecraft, media, security etc.

Basically my wife and I wish have purchased a premium WP theme Impreza which comes bundled with visual composer, slider revolution and ultimate addons.

Unfortunately my hosting company ‘Zyma’ has twice restricted access the server CPU as i had used 100% of my allocation, which is crazy given all i was doing was some visual composer editing.

I would like to play about and experiment with the impreza theme we have purchased but it is only valid for one website installation. My question really is:

What is the easiest way to install a local version of wordpress and the DB it needs?

Can I use the theme I purchased offline to practice and not effect the online version, having full functionality of the plugins etc (given that I think they wanted to ‘Activate’when I installed them online.

Would it be possible to create a local WP site with DB and easily transfer it live onto my host? Are there any drawbacks to this?

Thanks in advance for your help.