Leslie Stitzlein on "trouble installing WP on local server"

I am trying to do a local install of WP. using this link:
http://codex.wordpress.org/Installing_WordPress_Locally_on_Your_Mac_With_MAMP

I've gotten to step 4:
“Lastly, we've got to run WordPress' famous 5-minute install. Visit your local site (localhost:port or localhost:port/wordpress), and enter the following information into the database setup form:

database name: wordpress
database host/server: localhost
database user: root
database password: root”

This may be a dumb question, but i'm not sure what this means? What is my local site?
Leslie Stitzlein