It's doable. I've been running it in the form of WAMP for a few weeks but I did have trouble initially getting it set up. I had to mess with Windows Defender to allow hosts file editing as well as make changes to the Windows host file itself (windows/system32/drivers/etc/hosts). I don't know about the versions you are mentioning though.
The current version of WAMP seems to have a bug in it too as it related to Windows 8. It doesn't properly change the online/offline feature. I use that to allow clients to monitor my progress on their sites by assigning their IP to the list of allowed.
The icon just continues to indicate offline even when it's online. To get around it I've simply resorted to controlling access by manually configuring the Apache httpd.conf file.
I have a local WAMP installation running just fine on Windows 8. The only problem I had after I upgraded my Windows 7 to Windows 8 was that Microsoft IIS ran by default on port 80 so Apache would not start. That was all. Changed the port and since then it runs smoothly as ever.