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Oh no, I knew that. I meant that each of the different licensing options were still too expensive in comparison to just Server 2003.
If you are going to put exchange on there a server based license may not count for exchange. You may have to buy Server2003, then Exchange 2003 and then license it all? UNLESS, and I just remembered this! You use the mail services that come with Server 2003. But it is only limited in what you can do. Which might be just fine. IN that case - yes perhaps it is cheaper.