Step 1
Navigation: Open Command Prompt Window
Run: sfdx plugins:install @salesforce/lwc-dev-server
Step 2
Navigation: Open VS CODE Terminal Window
Run: sfdx plugins –core
Step 3
Navigation: Open VS CODE Terminal Window
Run: sfdx plugins:update
Step 4
Navigation: Open VS CODE Terminal Window
Run: sfdx force:lightning:lwc:start
Step 5
Navigation: Click http://localhost:3333 on the following popup.
This will lead to the local (chrome) browser.