A biggest challenge of being a SharePoint Developer is creating correct/appropriate environment to write code against WSS object model. A normal setup for a SharePoint Developer looks something like this.
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Run VPC, Install Windows Server 2003 and above, WSS 3.0, Visual Studio, SQL Server and other related tools to enable development.
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Install development tools on one of the sandbox and continue development there. There are 2 free remote desktop license granted by default which would allow 2 developers to work simultaneously. But this methodology has lots of loose ends and by no means this post is to endorse this methodology.
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Mix and match of several other techniques.
I came across a potential solution from Bamboo Nation. Ok, I admit that this is not really a full blown solution but really a 'hack'. If you folks dont know about Bamboo, they are premier tools and utilities vendors in SharePoint arena. Here is a post from Bamboo's team blog that details the steps required to run Windows SharePoint Service on Vista.
http://community.bamboosolutions.com/blogs/bambooteamblog/archive/2008/05/21/how-to-install-windows-sharepoint-services-3-0-sp1-on-vista-x64-x86.aspx
The only additional thing that I had to do is turn off UAC on Vista Machine. UAC was causing problems while trying to create Sites and Collections.