The Microsoft VHD for MOSS 2007 is a great time saver. You can download the VHD from here
Download MOSS 2007 VHD
I am working on a demo for BDC and ran into some issues. As usual when I looked at the 12 hive folder there were no logs. Not a single log file. I logged into the Central Admin Console and setup the Logging parameters and still nothing.
I thought this might be related to the Timer service being corrupted and hence restarted the timer as well to no avail.
Poking through the services, I noticed that the Windows SharePoint Services Tracing service was disabled. I set the service to Automatic start and the logs started to fill up. It makes sense to disable this in a VHD by default, but a valuable lesson was learned. When some one else builds an MOSS 2007 image, do not assume all the services are on!