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The real benefits of running Server 2003 is having a client be able to connect so that you can see how they interact. For instance, Group Policies is huge, but you really need a client to see how it works.
If you only have one machine, but enough hard drive space, you may want to dual boot XP Home and Server 2003. In Server 2003, run Virtual PC and install a client OS, such as XP Pro to connect to your Server 2003 domain.
You should ask your school how much a student copy of XP Pro is. My friend's school was selling Vista for $90, but XP Pro was only $7 oddly enough.
Obviously a spare computer would be ideal, really anything would be good for be fine for a testing server.
Good luck!
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