Microsoft have made a number of Microsoft Virtual PC/Virtual Server ready-to-run virtual hard disks available. There are three at the moment, Windows Server 2003 R2, Visual Studio Team Server and Windows Vista Enterprise.

All you have to do is download them (up to 4GB for VStudio, 1.7GB for Windows Server 2003, I haven't downloaded Vista yet), extract them and then run them in VPC/Virtual Server.

Best of all, Parallels has so far converted both of them fine and is happy to run them. It may not be the most efficient method of setting up some test servers, but it will probably save you a lot of time.