This is what worked for me:
- Create a new local DB and name it differently from your online DB,
- Import the full DB dump into it,
- Copy all your files to your localhost site root,
- Rename .htaccess to _.htaccess (or simply delete it) in the root of your localhost site,
- Go to var/ and delete the Caches folder,
- Using phpMyAdmin change PS_SHOP_DOMAIN and PS_SHOP_DOMAIN_SSL to localhost (or localhost:XXXX) where XXXX would be your default or custom port,
- Change PS_SSL_ENABLED to 0
- Edit app/config/parameters.php to reflect your local server settings
Worked for me using MAMP locally. I didn't have to disable/enable anything in BO. Just clear all Caches.