NOTE: Whilst this specifically resolves the probem, I’d suggest setting up a virtual environment for your development using a combination of VirtualBox and Vagrant.
Ever try to setup Magento in a local dev. environment on your Mac? You might have encountered an error message: PHP extension “mcrypt” must be loaded
Well we better load it then! This solution here worked perfectly for me: http://michaelgracie.com/2011/07/21/plugging-mcrypt-into-php-on-mac-os-x-lion-10-7
I m encountering that error while trying to install magento in the root folder of my website. I want to try your hack, can you plz be a little more specific for a beginner?