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You can do offline (and online) splitscreen or LAN.  You can just go around in a level by yourself by just setting up a local game, but that is about the extent.

I take it you want to invert the Y-axis?
From the main screen
Options>Controller Setup>Character>check the box for "Invert U/D"
repeat for Ground Vehicles, Aircraft Flight, Aircraft Hover

 EDIT: from ingame, Start>Controller>From here it is the same as above.