The link @gertvdijk provided shows a quick way to achieve the desired results without configuring a local repository:
$ yum --nogpgcheck localinstall packagename.arch.rpm
Just change packagename.arch.rpm to the RPM filename you want to install.
Edit Just a clarification, this will automatically install all dependencies that are already available via system YUM repositories.
If you have dependencies satisfied by other RPMs that are not in the system’s repositories, then this method will not work unless each RPM is also specified along with packagename.arch.rpm on the command line.