It has A/V output - composite video plus analog audio. If your TV has the red/white/yellow RCA jack input, it will work. Obviously, the image will only be as high a resolution as your set is capable (probably 480I) but it will work quite well.
I don't know about playing local content. Probably not, or they would tout that feature. It seems most of these boxes anymore are just for streaming - manufacturers either assume nobody wants to watch their own movies anymore, or, more likely, the idea is to steer you toward (preferably PPV or subscription) streaming services.