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How many installs does an OEM version of Server 2008 R2 Standard grant?

"Standard" version grants you one "real" and one "virtual" license. That's why it comes with two Keys.

The Hyper-V host is only licensed for a minimal install. Pretty much only the services and applications needed to get it to run Hyper-V and to back it up. For instance, you aren't supposed to run Quickbooks on it or run a Terminal Server.

The virtualized copy can be used to run your applications.

If you need more virtual licenses, you can buy them separately or buy the Enterprise or Data Center Editions. Enterprise gives you four virtual licenses. Data Center gives you unlimited virtual licenses.

Oh, and if you can find a "Retail box" edition or a volume license with S/A, I'd recommend those since OEM barely saves any money and you can't move it to a new server later on.
 
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