This is in fact the model that application service providers use to host an Exchange 2003 server. If you were to qualify as an ASP and go with the ASP licensing model for Exchange, you would have access to Microsoft's provisioning software (MPS). If your plan is not to be an ASP, then you may have to come up with your own model for provisioning. You can read more about MPS here:
If you want to do it on your own, you can check out the following links:
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