what part you don't understand?
There can be no difference between online hosting and your local hosting. But if you are working locally you can disable your internet connection. If your Ioncubed script connects to a third-party server you might get errors - because no internet connection.
(I think that your script comes with Ioncube Loader - if not you can read instructions here: http://www.ioncube.com/loader_installation.php
P.S. Personally I use LAMPP - there are many tools to edit directly your config files - avoid to lose your time when you search to edit some configs.
Sometimes it falls upon a generation to be great. We are that generation.
I like London. When I visit this beautiful city, everytime I use London Map