Nothing stops you setting up hot standby streaming replication, or another replication option like Londiste, between two PostgreSQL instances on the same computer.
The two copies of PostgreSQL must use different ports, but that's the only real restriction.
How to set up the second PostgreSQL instance depends on your operating system and how you installed PostgreSQL, which you have not mentioned.
You'll want to use streaming replication with hot standby if you want a read-only replica. If you want it to be read/write, then you can do a one-off copy of the database with pg_basebackup and not keep them in sync after that. Or you can use a tool like Londiste to replicate changes selectively.