Exchange support on a Virtual environment
October 27th, 2005. Published under General. No Comments.
Now that Windows Server 2003 R2 has been released, Exchange 2003 SP2 is now supported in a Virtual environment.
http://support.microsoft.com/Default.aspx?id=320220
That KB article contains the specifics on support for Exchange as there are a few pre-requisites that need to be met.