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May I use MSDN Subscriptions software to install software for day-to-day (production) use?

No, but with one exception. Software in your MSDN subscription comes with a development, test, and demonstration license. Examples of prohibited use include:

You may not install Exchange Server from your MSDN subscription and use it to send and receive personal or business-related e-mail.
You may not install Windows NT Server from your MSDN subscription and use it to host your own personal or business Web site.
One exception is that the MSDN Premium subscription comes with one license to Desktop Applications (typically on blue discs) such as Microsoft Office Professional 2003, Visio Standard 2003, and Project Standard 2003 for business use directly related to the design, development, test, and/or demonstration of software projects. For example, you can use Project Standard to manage a development project, use Visio Standard to diagram your application, etc. Project Professional and Visio Professional are included in MSDN Premium subscriptions for development, testing, and demonstration purposes, however they may not be used for such business use.
In addition, one copy of Office Professional 2003 can be used for general business use, unrelated to development and testing. Again, only persons with an MSDN Premium Subscription license can use these Microsoft Office products in this manner.

http://msdn.microsoft.com/en-us/subs...aspx#licensing