Yes, Team Foundation server (TFS) is free if you have an MSDN subscription (starting at VS2010 Pro level) so is Lab manager (included in VS 2010 Ultimate)

Microsoft Visual Studio Team Foundation Server 2010 (TFS) is the collaboration platform at the core of Microsoft’s application lifecycle management (ALM) solution. Team Foundation Server 2010 automates the software delivery process and gives you the tools you need to effectively manage software development projects throughout the IT life cycle.

You can start to use now TFS

With Visual Studio Lab Management 2010, you can easily and rapidly provision environments at a known clean state for a predicable build-deploy-test workflow, as well as re-use environments in a repeatable and consistent manner. You can even use virtual machine templates to create exact copies of a configuration without running into the naming conflicts that often occur in virtualized environments. Lab Management also enables testers to capture snapshots of all the virtual machines in an environment during test execution and attach it to the bugs they file. From the bug form inside the Visual Studio IDE, developers connect to the environment directly. This lets developers see exactly what the tester saw and more easily identify the root cause of the problem.

You need one of the following Visual Studio 2010 editions to have access to the Virtual Lab Management Visual Studio 2010 Ultimate with MSDN › Visual Studio 2010 Test Professional with MSDN ›