Good news is Yes, you can.

For local server:
You should have http://localhost or http://127.0.0.1 as your local server name. Then it will work fine.

Remote Server:
If your registered domain is www.mydomain.com (or mydomain.com) then you can use test.mydomain.com or demo.mydomain.com as well.

* Note that your domain name or alias should not include port numbers, such as http://localhost:8000