ANSWERS: 2
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There are many functional differences invisible to the user. The only way to know whether you can use a product like MS Exchange on an OS like Windows XP is to read the products installation requirements (usually listed on the package or the product web site). To not follow their recommendation may produce undesirable effects. A function may not work and you'll not know until you try it.
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No you can not install Exchange on a Desktop version of Windows especially if it is Exchange 2000 and above because it integrates with Active Directory which is only available with Server 2000 and up.
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