Windows Server 2008 Server Core and Exchange Server 2007
Q. Will Windows Server 2008 provide a Server Core installation option for Exchange Server 2007 server roles?
A. There is no server role for applications; Server Core isn't really designed for application server–type roles. The supported server roles are limited around key Windows Server functions, which are domain controller (DC), file and print, DNS, DHCP, and streaming media plus the recently announced IIS support. Server Core does have certain parts of the full OS installed; however, it’s missing a huge portion of the binaries. Although some very basic applications may run on Server Core, many will not, including Exchange 2007, which hooks into many components of the full operating system. You can find more information about Server Core on the Microsoft Server Core Installation of Windows Server 2008 page.