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Hyper-V was previously a server-only feature. In Windows 8, this powerful feature replaces the wimpy virtualization tools that previous Windows desktop versions had to suffer through. This installation has installations of Windows 7 and 8. You could also run a server version of Windows, resources permitting.
The best thing about virtualization is that a virtual hard disk can be copied from PC to PC and attached to new VMs using this wizard.
The wizard makes it relatively easy to set up a new VM. Use this extremely dense settings dialog box to fine-tune memory, hard disk, network, and other settings.