Can I use the Virtual Earth Server Control that’s part of the Windows Live Tools CTP within a Website / Application?
No, Since the Windows Live Tools is a Community Technology Preview (CTP) it is not licensed for use in any Production environments, and thus all the controls within the Windows Live Tools CTP are licensed the same. Also, the Virtual Earth Server Control within the latest release of the Windows Live Tools CTP is buggy and only partially implemented. If you are looking for an ASP.NET AJAX Bing Maps (Virtual Earth) Server Control that you CAN use in Production and is Fully Supported, then I encourage you to check out the Web.Maps.VE product by Simplovation.