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OEM Downgrade and Virtual License

We have a 2008 x64 Server for a client which is an OEM License. I know I have downgrade rights, but what I want to do is use downgrade AND Virtualization rights to run Windows 2003 Server R2 32 Bit.

How do I get a license key and media kit for this?
 
I found the downgrade fulfillment site, but I think that's if you don't want to run 2008 as well, which we do, and I can't see anything about Virtual Licenses there.
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ThorinO
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OEM licenses are tied to the system (motherboard) and can't be used twice. Hypervisor rights would be for enterprise and datacenter editions. I'm not sure on standard off the top of my head but being that it is an OEM you can't move it.
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networkn

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OEM Licenses are entitled to use virtual licenses.
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Lee W, MVP
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Ok, and how do I get a product key for it?
You use the product key that came with your legally licensed media.  You may need to call MS, but you just explain you are exercising your right to downgrade.
Ok and downgraded licenses can be used as virtual guest licenses whilst the original license continues to be used as a host?
Original license can only be used as a Hyper-V host with no other roles installed (other than management for Hyper-V).

I recently participated in a meeting on MS Licensing with other Licensing experts and so while I THINK I have a good grasp (and most people in that meeting, I think, would agree I have a good grasp), the advice I or anyone else offers here will not be a valid defense in a software audit.  To be safe, call MS Licensing and pre-sales support and take notes, including the identification of the person who answers your questions.

Or, as I say with my standard disclaimer:

Licensing advice offered here is a "best effort" and based on the understanding of the respondents. Licenses can change and we may not be aware of these changes or may misunderstand them. Further, licenses can differ by country and/or region and what we understand to be true in our region could be false in your region. "they told me on Experts-Exchange" will not be a valid defense in a software audit.  All licensing questions should be confirmed with the appropriate licensing authority (the maker of the software/issuer of the license).  
So when you say no other roles, that means no active directory, printing, or email?

What is your understanding on how many virtual instances you are allowed to have under OEM? If you can't run anything but hyper-v, I am not sure what benefit you would gain by doing what is being proposed! Basically you'd be no better off than if you had 1 physical license being used to perform roles like AD/F&P.
> So when you say no other roles, that means no active directory, printing, or email?
That's correct.  

Standard server provides a licensing option so that you can virtualize the instance instead of having it live directly on the hardware.  That is it.  You can have as many virtual machines as you want, but you are only licensed for 1 Windows Server VM "out-of-the-box".  Meaning, if you buy more Windows Server licenses, you can run them in Hyper-V on the system.  If you want to run Linux installs you can.

Understand, Hyper-V is not licensed by the VM - the guest operating systems require proper licensing - Linux needs no license, Windows needs licenses.

If you want more than 1 Windows Server license included, you need Enterprise OR Datacenter - Enterprise includes 4 VMs and Data Center includes UNLIMITED VMs (but it's licensed by the CPU).