JRA
(Jukka Rahkonen)
6
This seems to be close to what you plan to do http://blog.mikeasoft.com/2010/09/24/local-map-rendering-and-route-finding-with-libchamplain-spatialite-and-open-street-map/
You can also make a quick trial by downloading Spatialite tools http://www.gaia-gis.it/spatialite-3.0.0-BETA/binaries.html
and creating a Spatialite database with the included spatialite_osm_map tool. The tool is not configurable so it will always create the default set of layers with very little attributes. When the database is ready you can read and render it with QGis. Like always, it will be a lot of work to configure nice rendering for QGis but it seems to be possible
http://hub.qgis.org/projects/quantum-gis/wiki/OpenStreetMap_data_rendered_with_QGIS (not rendered from the data imported with spatialite_osm_map).