If in my listbox it have 2 items. I want to create a local view contents 2 corresponding records from a master table have records say 999 records . If it can be, how ?

You can do this by using RowSourceType 6-Fields and setting it to MaterTableView.Field1,Field2.

However, asking users to select one record from 1000 is, IMHO, a user hostile interface. You would be better off giving them a search text box into which they could enter a few characters to limit the number of records returned to the listbox.