We develop a localised wavelet formulation of multifractal random walk unwrapping based on the local multiplicative modulation freezing. The framework is motivated by the observation that finite-support wavelet localisation may induce approximate local factorisation of multiplicatively modulated stochastic fields, allowing the modulation component to become effectively frozen within sufficiently localised probing domains. Within this regime, logarithmic wavelet amplitudes admit an approximate additive decomposition linking local wavelet statistics directly to the underlying modulation field. This viewpoint reformulates covariance-based MRW unwrapping as a localised multiscale operator problem in which wavelet coefficients act as finite-support probes of multiplicative organisation. The validity of the approximation depends explicitly on support geometry, scale-dependent overlap, and residual multiscale mixing generated by internal modulation variability. We show that these effects naturally produce finite-scale deviations from ideal logarithmic covariance scaling and lead to structured covariance distortions whose form depends on the interaction between the modulation field and the geometry of the wavelet representation. In the resulting framework, localisation itself becomes the operational mechanism enabling multiscale probing of local stochastic organisation. Numerical investigations using orthonormal wavelet decompositions support the proposed interpretation and demonstrate the emergence of scale-dependent freezing regimes, residual covariance mixing, and finite-support breakdown effects consistent with the theory. The proposed framework suggests a broader connection between wavelet localisation, local regularity organisation, and finite-support multiscale stochastic operators. Wavelet localisation becomes an operational mechanism for probing localised multiscale structure.