Set up the base configuration test lab with the instructions found in Base Configuration TLG (Download Center).
Set up SQL Server 2008 R2 Enterprise on APP1 with the instructions found in Test Lab Guide: SQL Server 2008 R2 (Download Center).
With System Center Configuration Manager 2007 installed on APP1, you can now begin to define Configuration Manager clients, software updates, inventory, and software distribution. Feel free to add these to this Wiki topic.
See the System Center Configuration Manager documentation center for more info.
Just wanted to run this past - but would it not be worthwhile to mention that after step 26/27 it will do a long download of updates. Not too sure if there is any way to pre-fetch these updates in a smart way.
Thanks for the guide, I'll be setting up SCCM 2012 beta soon and this will surely help.