Create a directory in wamp/www and copy your existing site files to it.
From the cpanel on your live site go to phpmyadmin(or whatever tool they provide to manage your database). Select your live database and export it. If you are going to import it to an existing zencart database (like the one from the prior scenario) then be sure to include the drop tables option.
Select phpmyadin in wamp and go to the database you created. Import the database using the export from the live site.
Edit the config files that you copied to the local directory with the local info. I've found that the simplest way to get the config files right is to do a new install of zencart to get the config files built, then replace all the files from the fresh local install with the ones from your live site except the config files. That ensures that the config files reflect the correct urls, directories, and database info.
If you've done everything correctly you should be able to launch the live site from the localhost directory.
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