How do you get Fiddler to look at local traffic?

This is a neat trick that I was unaware of until the other day. Have you Fiddler to look at your web traffic? Fantastic tool right? You can get it here http://www.fiddler2.com/fiddler2/ it is free debugging proxy.

Anyhows... I wanted to test some local web development but to my frustration initially it like you cannot debug this local traffic. You can though, simply use http://localhost./ instead of http://localhost/ in your addressing and bingo... cool huh?