I've just recently been on a 4 month program to create a Sharepoint solution for document management. I'm not sure what your team will need this site for, but there are many easy and quick developmental solutions you can do to extend Sharepoint. Additionally there are many easy install plug-ins out there that would help for specific projects.
For out-of-the-box SharePoint, are you referring to SharePoint Server 2007, or the free Windows Sharepoint Services 3.0? Also, would you be able to use SharePoint Designer (a great tool to customize the look/feel and minor structure changes of SharePoint, as well as create custom workflows). SharePoint Designer has a very small footprint and requires no server tinkering.
Also note that while SharePoint is useful for all basic cases, it really needs to be extended a bit if you have any kind of complex requirements you want to achieve. The best solution I could give you if you need to make any kind of minor development changes to SharePoint or even just to learn what would be possible would be PilotHouse Consulting's Development DVD or Lynda.com for the basics.
Ultimately I would try to have your employer not completely limit the possibility of Visual Studio extensions to SharePoint.
Also DylanW's Virtual PC evaluation link is very helpful for attempting to learn to use an create a SharePoint solution.