Thinking of converting a secondary DC & replica DFS into a Hyper-V host - a good idea?

Hello!
I am trying to minimize the amount of server hardware regarding adding more servers to our domain (2008 R2).
We have a quite new and strong (2x 6-core xeon with 24GB RAM) secondary DC server in our 2008 R2 domain. I am trying to come up with a better plan to utilize this machine's resources which was a bit of an overkill for just an AD, DNS and DFS services.
Do you think it would be a good idea to demote that server, erase it, install 2008 R2 in Hyper-V mode and then add the AD service with DNS and DFS in Virtual mode and more (separate) virtual servers for other various purposes - thinking of Remote Desktop
Services specifically for now, it can't run on same physical server as AD which is a slight problem as we are not planning on getting any hardware anytime soon.
Can MS Exchange also run on Hyper-V? That would be a plus as well if it could.
Thanks for insights.
I am new to Hyper-V, never tried it before. Also forgot to mention, we use 2008 R2 Standard licenses, not enterprise/datacenter whatever.

http://www.microsoft.com/en-us/download/details.aspx?id=3512
is this the "regular free Hyper-V" you mentioned? is it a standalone OS that needs no key?
anyways, the question stands, I am not sure I can use the physical and virtual keys (from 2 standard licenses) in VMs, i'd certainly like to... 4 VMs sound really good, much better than 2.
that is the old one, there is a new 2012 R2 version for datacenters
http://technet.microsoft.com/en-US/evalcenter/dn205299.aspx
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that's an evaluation software ... 180 days license or something? or worse, a beta version?
I'm talking about production environment in live business ...
reviewed the 2008 R2 licensing and it seems that no matter the approach, each of Standard licenses allows only for a single VM...
EDIT:
OK, that is a full feature version, free and supposedly an RTM, which is good. might consider it for future.
either way, legally speaking, the licensing problem with 2008 R2 STD still exists, because officially you can use only 1 STD license per VM. As far as I understand from legal standpoint, one cannot use both physical + virtual keys (from a single 2008
R2 license) for two separate VM guests, no matter how, it probably is not OK (even though it may work and activate properly).

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