Specifically, I want to run this:
http://www.microsoft.com/en-us/download/details.aspx?displaylang=en&id=27417
This download contains a three Windows Server 2008 R2 SP1 Hyper-V Virtual Machine set for evaluating and demonstrating Office 2010, SharePoint 2010 and Project Server 2010.
System requirements
Supported operating systems: Windows Server 2008 R2
Additionally you will need:
•Windows Server 2008 R2 (SP1 recommended) with the Hyper-V role enabled.
•Drive Formatting: NTFS
•Processor: Intel VT or AMD-V capable
•RAM: 8 GB or more recommended
•Hard disk space required for install: 100 GB
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So, the above text seems to indicate that you need a physical Windows 2008 Server (r2) server running, but from the googling I've done on the subject I've yet to come across a discussion that definitively answers the question. Many posts I've read seem to indicate it might be possible to run it on Windows 7 using one of the following: VirtualBox, Windows Virtual PC, VMWare but I'm not entirely sure.
EDIT
This looks like an ideal way to do it?
Windows 7 and the magic of Boot to VHD
http://www.hanselman.com/blog/LessVirtualMoreMachineWindows7AndTheMagicOfBootToVHD.aspx
Best Answer
I've created a clustered Hyper-V setup within VMWware Workstation on my windows 7 laptop from scratch. I would assume you could run the demo environment as well.
I will say, performance is generally pretty terrible when running nested virtualization solutions but it does work. Load up on RAM before even thinking about trying to run something like this.