Start developing for SharePoint 2007
In SharePoint 2003, we needed to develop webparts on a server where SharePoint was installed. So, either you installed Visual Studio on a development server together with sharepoint or you created a complete new virtual environment on your dev machine.
Unfortunately developing in sharepoint is still the same. In fact the base problem is that the SDK (for either WSS v3.0 and SharePoint 2K7) are still help files only.
Hopefully microsoft releases a real SDK with the necessary binaries so we can just develop on our local dev machine... but imw we continue as be4.
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grtz