Is it possible to access a vm from Hyper-V server locally?

Hyper-V Server is an embedded hypervisor without any graphical UI; in this, it is very similar to a Server Core installation of Windows Server 2008, or to a VMWare ESX server.

You can only do command-line management from the console, and guests are accessible only remotely.

You're right, if you need to run VMs and access them from the same server console, you need a full Windows Server 2008 installation with the Hyper-V role.