'localhost' is like a
java language keyword, only in networking.
localhost refers to the root of the webserver that is running on the machine in which you type 'localhost', most likely IIS. IIS, when it receives a request for an .asp page, will retrieve the file from the filesystem, run it through asp.dll, and then serve the results.
If you want a single
word to refer to a place on your harddrive, then you need to investigate aliases. I know you can do this with
Tomcat, iWS, etc... not sure of how to do the same in IIS.