I would more then likely run Microsoft Virutal server ( Free currently) . That way you can run SBS 2003 for exhange server etc then a seperate copy of Windows 2003 server for the terminal server part.
Office licences are required in a terminal server environment.
In terms of the server it would want to be a pretty high spec box to run this .
Hope that helps if you haev any other questions please let me know
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