Is my Hitachi 60V500A tv digital ready for local

You'll probably get 480p if you use a cable box using the RGB outputs from that and plugging them into your RGB component input on the jack panel . You won't get 720p on that set, but you'll wind up with a clearer picture than regular RF. So, your answer is no, you won't won't get it without a box if your using an air signal.

You do need a separate HD Receiver, HD Satellite, and or HD Cable Box to receive HD. It only has a Standard NTSC Tuner built in.
I hope this helps,
Sky Assoc