Oliver Sommer 
2009-01-05
Against some rumors it is possible to license one Windows Standard Server 2003 (yes, even for Server 2003, this does not only apply for 2008) and have the right to use that Standard Server license at physical maschine (host) level and also for one virtualized instance on that same maschine the physical instance is licensed to.
This Microsoft website contains a vitualisation calculator that also clearifiies some of those virtualization myths and note that it is written for Windows Server 2003:
http://www.microsoft.com/windowsserver2003/howtobuy/licensing/calculator.mspx