Is it possible to write a local web application that does not need a server?

I want to create a local application that has a browser-based UI rather than a stand-alone GUI based on MFC / Qt / etc. If I don't want to run a webserver on the local machine, how can I implement the dynamic parts of my app? Can the browser be pointed to local scripts, executables or libraries on the machine? Can I use a local database directly> What pitfalls are there with this approach?