Solution for Magento not working on localhost

Edit the file @ path : app\code\core\Mage\Core\Model\Store.php
and around the line 711
below the code :

if (!$secureBaseUrl) {
                return false;
}
Add this line :
if ( false !== strpos($secureBaseUrl, '{{base_url}}') ) {
                $secureBaseUrl = Mage::getConfig()->substDistroServerVars('{{base_url}}');
}

And check by reloading the URL