SBS Server 2011 - Exchange - SQL and TS on 1 physical server

Hi

I want to be able to run Exchange - SQL and TS on 1 physical server using Hyper-V for virtual server.
I have an SBS 2011 Std and SBS 2011 Premium add-on licence but the more I read the more I'm getting confused.

I read that you shouldn't run Hyper-V on SBS std and that Premium addon and SQL need to be connected to a domain.
So does all this mean I need a second physical server. If so that seems like over-kill for a small operation.

Thanks in advance.

Paul