Usually when I develop websites, they will be deployed to a domain, for example www.geekality.net. But when I develop this site locally, I usually want it to be in some sub-folder of localhost, since I usually have more than one website going on, and I don’t want the trouble with virtual-hosts. So, to solve this for my Kohana websites I do the following simple thing. This technique would work for other websites programmed in PHP as well, but the PHP part would probably be a bit different.
Used Page Speed for FireFox the other day to analyze my blog. Found a couple of issues and a couple were very simple to fix. If these will work for you, depends a bit on where your WordPress site is hosted and what your web server does already. So, be brave and analyze your own site. Look through the results and see if you can fix some of it without too much hassle 🙂