Issues in Localhost - yii

When i try to run the existing yii project in localhost i got the following errors. i set up all configuration settings everything has been done. but again i got this error in my localhost - "Sorry, this site localhost is not set up or is invalid."

Anyone help me out of this error and resolve this issue how can i solve this issue???

[color="#006400"]/* Moved from "Yii-powered Applications" to "Installation and Setup" */[/color]