EPiServer developer-to-developer forum holds an article on how to make EPiServer 4.61 run on Vista. I suspect that EPiServer CMS (a.k.a. EPiServer 5) will not have any of the described problems, but in the mean time I’m happily hacking my EPiServer on my other machine as well.

I’ve managed most of the way before and had the server running here, but it was having all sorts of problems, which are all gone after applying the suggestions (especially in the second post).