Management Reporter can be installed on a non-server machine for testing purposes, but it does require IIS and SQL. So, if you have IIS and SQL on your XP machine, then you should be able to install Management Reporter.
I was mistaken in my previous response. Management Reporter requires IIS 6.0 and XP only has IIS 5.1. So, only the Management Reporter client can be installed on an XP machine. You should be able to install the server components on Vista and Windows 7 as long as they have at least IIS 6.0. Apologies for the early confusion.
Proposed as answer byphlaviusWednesday, April 21, 2010 4:30 PM