Microsoft recently refreshed the publically available pre-configured VHDs that allow testing of Exchange Server features:
- Exchange Server 2010 VHD: Download this fully configured virtual machine of the latest release of Exchange Server 2010. Evaluate the new capabilities of Exchange Server 2010, which helps you achieve new levels of reliability and performance by delivering features that help to simplify your administration, protect your communications, and delight your users by meeting their demands for greater business mobility.
Windows Server 2008 Hyper-V is required to use this virtual machine
In addition to the system requirements for Windows Server 2008 as described in the release notes, a 64-bit system with hardware-assisted virtualization enabled and data execution prevention (DEP) is required.
- Microsoft Exchange Server 2007 SP1 VHD: Download this fully configured virtual machine of the latest release of Exchange Server 2007 SP1. Evaluate the new capabilities of Exchange Server 2007 SP1, which deliver the advanced protection your company demands, the anywhere access people throughout your organization want, and the operational efficiency you need.
A virtualization product that supports the VHD format is required to use this virtual machine. Microsoft Virtual PC or Microsoft Virtual Server are provided for free and can be used with these VHD based virtual machines. Please refer to the Virtual Server 2005 R2 System requirements page here.