Images not appearing

We have a site on a production server that works fine. You go to the home page and the images, ads, and facebook links are showing up perfectly. I am setting the site up on my local machine to test changes to the site. After I backup the DB I replace all http://www.domain.com with localhost. Once I do that the images do not show on my machine. If I restore the DB with the original URL the images show up, but obviously all my tabs and links direct me to production. Please let me know if any one has any ideas on what the issue may be.