Can you pass the exam without practical knowledge or hardware? Maybe, but probably not....and it's really not advisable if you're going to do self study. The MS Press (and other publishers) books all have exercises to complete that require
at least an evaluation copy of the OS to work on. They also have recommendations as to what sort of system setup to have. One of the better options is to use either Vista Ultimate (with Virtual PC 2007) or Windows 7 Ultimate (with Virtual
PC - a Win7 add-on) and run VM's of Server 2003.
BTW, if you're just starting off, why not consider the MCITP EA on Server 2008? Server 2003 is 7+ year old technology.