How to resolve my timeout during import of my Drupal database using phpMyAdmin?
Skip processing rows in cache tables
For any of the cache-tables, there is no need to actually import them in your dev environment. So it is OK to just skip those rows during your import. That might help to get around this issue. FYI: clearing the cache in the site where you are exporting from, before performing the export is another way to avoid such rows being imported (might help also).
Use module Backup and Migrate
Another possible work around, you may want to consider using the Backup and Migrate module. Here is a quote from its project page:

Back up and restore your Drupal MySQL database, code, and files or migrate a site between environments. Backup and Migrate supports gzip, bzip and zip compression as well as automatic scheduled backups.
With Backup and Migrate you can dump some or all of your database tables to a file download or save to a file on the server or offsite, and to restore from an uploaded or previously saved database dump. You can choose which tables and what data to backup and cache data is excluded by default.

Refer to the readme.txt that comes with the module for details to get you going.
Your local environment is Win 7, though your hosted website probably runs in &quot;some other OS&quot; (Linux? Something else? consider clarifying in your question also ...). So that implies potential extra challenges (because of differences in the OS-es. I've had good experiences with Backup and Migrate between different OSes, which didn't cause any problems (worked fine) in situations where the typical MySql export / import failed before.