There's a few ways you could achieve this, none are particularly robust as long-term solutions, but you mention you just want something temporary until the dev gets back.
If everything after the domain matches (if your remote URL is otherwise the same as the localhost one), you can edit your localhost entry in your hosts file.
In system32\drivers\etc, copy the "hosts" file onto your desktop. Open in notepad and change this line:
127.0.0.1 localhost
Change the IP address (127.0.0.1) to your remote domain. Then copy the hosts file back into the etc directory. (Note: it's not possible to edit this file directly, as Administrator or otherwise).
If you have multiple domains on the remote web service, in IIS, you need to change the web site to serve for requests to "localhost", this might seem a bit odd, but it'll work because your machine will make requests to the server's IP address, but specify the request domain as "localhost". Right-click the website in IIS and select properties, then add the domain "localhost" to the list of HTTP-Header values supported by that web site. You can ignore all of this if your web site in IIS will serve content if you access it via an IP address. If that single IP address is shared between multiple web sites (which is usually the case), you'll get a "Bad hostname" error from IIS as it attempts to look up "localhost" and can't find which web site to direct the request to.
Another possibility is to use a personal proxy server called Proxomitron. It's a little old, and no longer under development, but it's very easy to setup and very solid.
Once you've installed it, open it and click "Config" - change the port it listens on to 80. Next you need to create a redirect rule (it's not actually a redirect, more of a rewrite of the url). You'll need to have a quick read of the docs to understand how to add your own redirect, but there's plenty of samples that ship with the app. The rule you're looking for is RDIR:
$RDIR( ) Is more sneaky and redirects the connection in Proxomitron without telling your browser. This is useful when you want your browser to think it going one place when, in reality, it's going somewhere else.