Todd Muirhead at Dell Tech Center went ahead and installed the free, standalone edition of Hyper-V Server that Microsoft recently released. Here his description of the setup involved:

This video shows the installation of Hyper-V server on a Dell PowerEdge R805. The installation was done through a Dell Remote Access Card (DRAC) using the Virtual CD-ROM and remote console features. This enabled the installation to be done remotely and for the entire install to be captured as video.

The whole thing took 90 minutes. Luckily he edited it down to 5 watchable minutes (if you like that sort of thing). And the funky colors? That's a byproduct of the remote desktop console.

Watch it here or catch the YouTube video by clicking onward.