It's because the host name is not recognized by the DNS server that your browser is querying looking for the IP address. You can get around this by editing your hosts file at c:\windows\system32\drivers\etc\hosts (there is no file extension on this file). Here's a link explaining how to edit this file: http://www.howtogeek.com/howto/27350/beginner-geek-how-to-edit-your-hosts-file/
Once you get into your hosts file, add an entry for your local website like so:
127.0.0.1 admin.vdeliver-local
Save the file, then clear your browser's cache and then you should be able to visit the site.