I have found an article in Technet, (Q163627) that explains how to do a defrag on another exchange server that have enough hard disk space to do it by copying the priv.edb file along with the edbutil.exe, and edb.dll files to the non exchange server, so I am going to give that a shot. But what the article fails to say, is that, will I still need to take down exchange for the entire time that the defrag is running, I assume yes, and do I copy the defragged file back to the exchange server once the operation has completed. any thoughts?
List Charter and FAQ at: http://www.sunbelt-software.com/exchange_list_charter.htm
