Not wanting to disagree with Steve, but this is exactly what I've done, the US company pays me through a local company with which I have a local Argentinian work contract, all local employee and employer taxes are paid. The local company bills the US company monthly, and has to pesify the money received within 5 days (I think) at the official rate :-( something which has become quite a lot less wonderful over time.
The local company needs to be registered in RENURE to be able to employ furriners, and I need to be legally resident, with DNI, CUIL and all that stuff. I'm not registered with AFIP.
I'm not from the US and I know nothing about double taxation regimes.