Wow! you're in a hard place.
I'm assuming by "locally hosting", you mean running WordPress on your PC/Desktop. No small challenge in itself, that's for sure.
Assuming you created a data base, and you're running a server like winamp, locally on your hardrive, then you should make sure your wp- config file is point to the right places for all your local hard rive settings.
Start with deactivating your company theme and use the WP 2011 theme, See if you can get things running on your local hard drive with the defaults before you try applying your company theme. If things are "out of whack" it's probably because your WP install on your local PC can not find the files it needs (wp-config file)