On this line i am getting an exception -
OAuthWebSecurity.CreateOrUpdateAccount(provider, providerUserId, model.UserName);
System.Web.Security
It might be that you are already logged on @ localhost as somebody on another site you are developing. And you use same name authentication cookie (default is .aspxauth). So when you call CreateOrUpdate it tries to add another credential to your already "registered" profile. But fails, because it is not in database.
To resolve the issue you then have to delete the authentication cookie from browser and login again.