Yes. You must have TCP/IP installed on the stand-alone PC; you should configure the loopback interface if you have no network card.
Configure the Domino server normally. When you run Netscape or MSIE locally, you can specify localhost, 127.0.0.1, or the system name like so: "http://localhost", "http://127.0.0.1", or "http://ntserver1" (assuming your stand-alone PC is named ntserver1).