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I have a server 2008 enterprise as the host and wish to run a Virtual Machine using Server 2012. Do I have to purchase a 2012 server license or is it acceptable as one of the 4 Virtual machines that is allowed under Server Enterprise ?
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I have a server 2008 enterprise as the host and wish to run a Virtual Machine using Server 2012. Do I have to purchase a 2012 server license or is it acceptable as one of the 4 Virtual machines that is allowed under Server Enterprise ?

Server 2008 Enterprise Hyper-V licensing

The Microsoft Server topic includes all of the legacy versions of the operating system, including the Windows NT 3.1, NT 3.5, NT 4.0 and Windows 2000 and Windows Home Server versions.

Microsoft Server OS

Hyper-V is a native hypervisor; it can create virtual machines on x86-64 systems and supersedes Windows Virtual PC as the hardware virtualization component of the client editions of Windows NT. A server computer running Hyper-V can be configured to expose individual virtual machines to one or more networks. Hyper-V Server supports remote access via Remote Desktop Connection. Administration and configuration of the host OS and the guest virtual machines is generally done over the network.