The standalone Microsoft Hyper-V Server 2008 is a hypervisor that does not have Windows functions or a Windows license in it. Also, in the 2008 release, it has some more limited scaling than full version of Windows Server 2008 Hyper-V, such as supporting only 32GB of RAM. It is a great solution for smaller consolidation projects. For comparison of versions, see http://www.microsoft.com/servers/hyper-v-server/default.mspx
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