url not found.

I am trying to change an old site to responsive theme. I have done the following to create a local development site but I am getting The requested URL /econ70.com/wp-login was not found on this server.

Steps:
1. I have downloaded the site folder from godaddy and also exported the DB.
2. I used wamp and put the site folder under www/
3. created a DB with the same name and imported the DB.
4. I updated wp-config.php with the updated username, password and host.
5. I tried to access the site at localhost/site.com/wp-login

Another thing I tried was replacing the http://site.com to http://localhost/site.dev before importing the DB. For that I tried to access the site at http://localhost/site.dev/wp-login but the same results.

Please let me know what I may be missing. Thanks in advance.