FYI your, your sites\default\settings.php file should contain a cookie with the same name as the path you are using so if your previous web server had a domain of www.boldlygowherenomanhasgonebefore.com and you moved your drupal to localhost, the cookie domain must reflect that change: WAS: $cookie_domain = '.boldlygowherenomanhasgonebefore.com';
WAS: $cookie_domain = '.boldlygowherenomanhasgonebefore.com';
CHANGE TO: $cookie_domain = '.localhost';CHANGE TO: $cookie_domain = '.localhost';