Yes, the Standard license comes with rights to run 2 "virtual" instances.
I just purchased PowerEdge T110 II with Windows 2012 Standard OS. Does it come with OS preinstalled? is activation required? Last time I bought Dell it was Dimenstion 8400 with Window XP that was tied to Dell motherboard, so activation was not needed. I probably will want to play with setup and try different things before I setup OS for long term. If activation is required - will re-installing OS more than once on the same box cause any problems? From my knowledge of client MS OS-es this is fine but I don't know anything about servers.
Windows Server 2012 Standard activation