If you have the license for one exchange server you have to buy another one.
Even for testing. You have now 2 Exchange servers.
For activation issues and also the licensing you should contact MS support
to get the best information.
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> I am using a test machine to restore an exchange 2003 mailbox [our
> info store is too big to restore to the live server]. When I apply the
> system state of the machine, it requests activation. If I activate
> over the phone [our standards mean we must keep it off our live
> network] what are the consequences?