Virtualization Rights: Windows Server 2008 Standard

If you have Windows Server 2008 Standard version AND have assigned one license to the server, you are permitted to run the server software in one physical and one virtual operating system environment. If you run that software in additional locations (for example, on two virtual servers for one user), you will need additional licenses.

Just a side note: You are permitted to run any prior versions of the server software using the Standard version.

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