My company does not have a central git server, and neither do they allow me to use BitBucket etc.
Is there anyway I can use my localhost as remote ?
remote
Yes, just put a username as localhost: http://linuxprograms.wordpress.com/2010/05/10/how-to-set-up-a-git-repository-locally/
The other option is to setup a Gitolite locally.
But I don't know why do you want to setup an another repository when "workcopy" is a repository indeed.