You should probably read this first of all. http://codex.wordpress.org/Moving_WordPress#Moving_WordPress_to_a_New_Server
Ok, the first thing you should do when moving a theme from localhost to live server is go under the general settings and change the links (both of them) to your live site server link. So if on your localhost the links are "localhost/mynewtheme" you nee to change those to the new live site url like so "www.mynewlivesite.com" in both places.
Then when you set-up your new live wordpress site, you will need to change the wp-config file and edit the database name, username and password to match your live sites database name, usernam and password. When you open up the wp-config file in a text editor you will see them.
Be sure to change the links under setting on your localhost to the new live links first.