normally if you are able to access WSDL file from browser, then, wsimport command should be able to read it / find it.
Few pointers for your error
a. are you using executing wsimport command from Command prompt OR from some IDE console ?
b. since host name is localhost , it means web service is deployed on your machine. So just for check , can you shutdown your web service and then run same wsimport command. check what error message you get ?
c. make sure that your machine hosts file points 'localhost' domain to 127.0.0.1 IP
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Thanks for your replies.
I have found some references that wsimport does not work with localhost.
After binding the server to my IP-Address with