I've been following this guide (below) on setting up new Virtual Machines using Hyper-V. Now when setting one up how do you go about selecting what IPs to use for that VM? Also does Windows Server 2008 still offer 30days to activate Windows?
Your question is on activation, windows does provide a grace period but it is more likely 7 days than 30. However there are some enterprise licenses, which are able to license the VMs installation on top of them. There is some misconception about whether the SPLA licensed hosts have this ability or not though so I would double check with your Microsoft's licensing rep.
You will have to include virtual NIC to your VM from Hyper-V manager and thenceforth assign IP address to this NIC after your VM is setup or installed with Windows OS.
Windows Server 2008 R2 Standard, Enterprise & Datacenter editions support Hyper-V Role. With your above configuration, I'll recommend Datacenter edition since it'll allow you to license unlimited guest VM's.