Virtually? Do you mean have the extra sessions active in windows on the server's console? If so, it's technically possible, I think. Haven't heard of a program to do it however.
I think you can have multiple TS sessions active concurrently on a remote PC.
TS isn't cheap. IIRC, for 5 users (the minimum, I recall) the license is over $750. If the above is available, I don't know if you'd be able to get away without a license (after the 90-day trial of course). Administrative mode won't work either, as activating the admin console remotely disables it locally, at least as I remember.
Mike.
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