Hyper-v and virtualizing 2003 OS

I need to replace my aging server hardware.  I have one 2003 server running a unsupported app that I can't get rid of yet. Can I virtualize it with Hyper-V if it's 2003 Std OEM?  Can I buy any license to make it work...  What are my options?
howmad2Asked:
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Andrew Hancock (VMware vExpert / EE MVE^2)VMware and Virtualization ConsultantCommented:
Unfortunately not if its OEM, its a breach of Microsofts License Agreement.
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howmad2Author Commented:
I cant even buy a open license or anything to get around this?
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Andrew Hancock (VMware vExpert / EE MVE^2)VMware and Virtualization ConsultantCommented:
I'm afraid this is a gray area on EE, I would suggest you contact Microsoft, Experts cannot discuss how you change Licenses on Windows Software.

http://www.experts-exchange.com/OS/Microsoft_Operating_Systems/Windows/XP/A_3721-Can-I-transfer-my-OEM-version-of-Windows-to-another-PC.html

Original Equipment Manufacturers (OEM) versions

Note: Physical-to-virtual hard drive migration of a Windows installation is a valid function for customers with Software Assurance and full retail copies of Windows XP, Windows Vista, and Windows 7. Software Assurance provides users valuable benefits—please contact Microsoft Corporation for further information. Windows XP, Windows Vista and Windows 7 installed by Original Equipment Manufacturers (OEM) using OEM versions of these products may not be transferred to a virtual hard drive in accordance with Microsoft licensing terms.

Source
http://technet.microsoft.com/en-us/sysinternals/ee656415
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Rob WilliamsCommented:
Even if you try, when you virtualize it, it will want to re-activate and due to the different underlying hardware it will usually fail.

I belive you can still purchase Server 2008 R2 through volume licensing with downgrade rights to Server 2003 (may be 2003 R2 only).  With that you could create a new VM running server 2003 and install your legacy application.  However as hanccocka stated , if you want to virtualize the existing server and change from an OEM to a volume license key you would need to contact Microsoft.
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howmad2Author Commented:
Thank You
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