If the SharePoint Server SharePoint Foundation is installed on your local computer, then of course you can create the SP site (or the SharePoint application) on your local machine. If you do not have any of these elements, then no, you cannot create a SharePoint site.
SharePoint sites, while created inside IIS, require server software and SQL. Think of it this way: if you don't have an Apache server, you cannot create an Apache site, right?
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