- Windows Server 2008,
- Sharepoint Foundation Server
- Sharepoint Server
- SQL Server 2008
- (a bunch of OS updates and prerequisites)
- VS2010
Assuming you want to get up and running very quickly and freely, I know of two options that I used both make use of MS Trail licences:
Option 1. Download a virtual harddisk with everything setup, and ready go.
It is a 45GB virtual hard disk, and can be downloaded from Microsoft.
Note: There are a few options to download, and for SharePoint development you want to go with machine (2010-A)
Option 2. A Co-worker mentioned a service called CloudShare.com, it is a paid sharepoint hosting service that has a 14 day trial that you can remote into and you can even develop on too, if you choose a VHD such as the one mentioned in option 1.