So I'm using a wordpress theme but it's kinda slow so when I opened my chrome inspecter I saw this for the main request(sitename.com/)
The wordpress site runs on my localhost, from where I should start debugging or what tools should I use?
Use Xdebug
extension for apache server,
try plugin performance profiler: http://wordpress.org/plugins/p3-profiler/ and definitely use caching; super cache and hyper cace are simple to configure. If you're concerned about overhead, hyper cache has almost none. It only caches a page when it's visited the first time & does not 'preload' the cache like super cache or w3 total cache.
Upgrading to PHP 5.5 with the Opcache extension enabled should give you a ~400% speed improvement for Wordpress. Unless external resources are involved, of course.