I just freshly installed Magento(1.7.0.2) on my localhost(LAMP). Now after installation when I wanted to go for the admin panel it asked me for the username and
It's not right way to comment cookie params cause in future it will be push on server and make many problems. I know this from personal experience.
The best solution is rename the local url into a form more or less has the appearance of a typical url, having at least a point in a row. As example: http://yoursitename.local