The most general definition says that a compactifation of a space $X$ is a pair $(Y, e)$ where $Y$ is compact and $e: X \rightarrow Y$ is an embedding, which means that $e$ defines a homeomorphism between $X$ and $e[X]$ as a subspace of $Y$, such that $e[X]$ is dense in $Y$. Often $Y$ is assumed to be Hausdorff as well; this will depend on your textbook.
In this case we do need to assume that $Y$ is Hausdorff to get unicity etc. Also $X$ is assumed to be locally compact and Hausdorff, so it's completely regular and it makes sense to also have the compactification be that as well.
In your case you only use the identity map, instead of general embedings $e$. This extra exactness is needed if we want to discuss equivalence of compactifications, because these have to respect the embeddings.
For the one-point compactification we define $Y = X \cup \{w\}$ where $w \notin X$. We also take $e(x) =x $ and define the topology on $Y$ as
$$\mathcal{T}_Y = \mathcal{T}_X \cup \{ \{w\} \cup O: O \subset X: X\setminus O \text{ is closed and compact in } X \}\text{.}$$
As $X$ is Hausdorff, compactness alone of $X \setminus O$ is enough (in Hausdorff spaces a compact set is closed, closedness is automatic); I wrote for the most general case where neither $X$ nor $Y$ are necessarily $T_2$.
To see this obeys the axioms for being a topology, see @egreg's "parallel" answer. It involves a bit of case checking,but it is not too hard.
Now check the requirements: $Y$ is compact and $e:X \rightarrow X$ is an embedding and $X$ is dense in $Y$, that $|Y\setminus X| = 1$ is true by construction.
$Y$ is compact is clear: if $\mathcal{U}$ is an open cover of $Y$, then $w$ is covered by some $U_w \in \mathcal{U}$. By the definition of the topology on $Y$, $U_w = \{w\} \cup O_w$, with $X \setminus O_w$ compact. The points of $X \setminus O_w$ are covered by finitely many $\mathcal{U}' \subset \mathcal{U}$, and then $Y$ is covered by those $\mathcal{U'}$ and $U_w$ together, as $ Y = \{w\} \cup O \cup (X\setminus O_w) = \{w\} \cup X$. So every open cover of $Y$ has a finite subcover.
$Y$ is Hausdorff: let $p,q \in Y$ with $p \neq q$. If $p , q$ are both in $X$, they have disjoint open neighbouurhoods $O_p$ and $O_q$ in $X$ by assumption, and these $O_p$ and $O_q$ are still open and disjoint in $Y$. If one of them equals $w$, say (it doesn't matter) $q =w$, then let $U_p$ be an open set of $X$ such that $\overline{U_p}$ is compact (or let $C_p$ be a compact neighbourhood of $p$, depending on how your text defines local compactness, and set $U_p = \operatorname{int}(C_p)$). Then $U_p$ is open in $Y$ and $U_q = \{w\} \cup (X \setminus \overline{U_p})$ is open in $Y$ (as $X \setminus (X \setminus \overline{U_p}) = \overline{U_p}$ is compact). And they are clearly disjoint.
If $O$ is open in the relative topology $\mathcal{T}_Y$ restricted to $X \subset Y$, then $O = O' \cap X$ for some $O \in \mathcal{T}_Y$. This is the definition of a subspace topology. If $O' \in \mathcal{T}_Y$, then $O = O'$ and $O \in \mathcal{T}_X$. Or if $O' = \{w\} \cup U$ with $U \subset X$ with $ \setminus U$ compact. Then as noted, by $T_2$-ness, $X \setminus U$ is closed and so $X \setminus (X \setminus U) = U$ is open in $X$ and $O =O' \cap X = U \in \mathcal{T}_X$.
So the topology $X$ inherits from $Y$ is exactly the original $\mathcal{T}_X$; we didn't add new open sets to $X$ when we constructed $Y$ (this is the reason that for general $X$ we need the complement of $U$ to be both closed and compact: compact for the above compactness proof, closed for showing $X$ has no new open sets.) So $e(x) = x$ from $X$ to $Y$ is indeed an embedding (openness of $e$ has been shown above). That $X$ is dense in $Y$ is clear when $X$ is not already compact as $w \in \overline{X}$, every neighbourhood of $w$ is of the form $U = \{w\} \cup O$ and intersects $X$, as otherwise $X = X\setminus O$, which cannot be as the latter is compact. Note that if $X$ were compact we could take $O = \emptyset$ and $w$ would be an isolated point of $Y$ and $X$ would not be dense. This is a degenerate case (we don't have a proper compactification in that case).
So $Y$ satisfies the requirements for the Aleksandrov-compactification.