Problems after restoring backup

I backed up my server database and then followed the instructions at codex (http://codex.wordpress.org/Restoring_Your_Database_From_Backup) to restore the database on my hard drive. It succeeded, but now all the links in my harddrive version’s dashboard point to my server root, not my localhost (127.0.0.1) root. How do I make paths relative such that the hard drive version points to my localhost and the server version points to the server? They were both pointing to the proper places before I restored the backup. Thanks!