I have windows 8 - Developer preview, I decided to have Skype, iTunes on a virtual machine that runs windows 7 home edition ( Guest operating system ). but I failed to achieve the following: (of course I am using RDP- remote desktop and i enabled everything)

- Sound card (both record & play ) are not showing on the hyper-V guest
- I could not manage to share drives ( so that i can do Copy/paste easily )
- When i plug my iPhone through USB, it is not recognized by the guest ( although it is recognized by the host )

Just to be clear, what OS is running in VM?

VM Os is windows 7 Home edition 32x

Do you mean you have Win 8 CP or Win 8 DP as a Host OS? Win 8 DP is deactivated.