The only way to do software development for SharePoint is really a Virtual Machine.
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Setting up a Local Mail Server for a SharePoint Virtual Machine on Server 2008
Setting up a Local Mail Server for a SharePoint Virtual Machine on Server 2008
Get Started Developing on SharePoint 2010
Are you an ASP.NET developer who is ready to learn more about SharePoint 2010? Visit the Getting Started page to view screencasts and hands-on labs about working with SharePoint 2010 developer features that are familiar to ASP.NET developers, such as Web Parts and workflow.
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Get Started Developing on SharePoint 2010