As Per the article in SDLTridionWorld.com How would I get the GA License for Tridion 2011 to setup VM installation Local Usage.
Creating a Development VM - Part 1: Setting up the VM This document details the steps required to install and test the SDL Tridion Content Manager 2011 server on a Windows 2008 R2 platform, with a SQL Server backend.
http://sdltridionworld.com/articles/sdltridion2011/tutorials/creating-development-vm-1.aspx