Something in WP_options breaks the site.

I was attempting to create a development site locally.

I installed xampp and installed WP 2.7.1. I was able to go through the install and the default install works fine. When I exported my production database in imported it locally my browser tries to go to http://www.localhost/wordpress instead of http://localhost/wordpress, this was after manually chaninging the siteurl and home options to http://localhost/wordpress.

If I export my prod data without the options table everything works. What else in wp_options could cause this? I would like to be able to bring down all options from production.

PS. It is not a hosts file issue. Everything works until I import the wp_options table.