Asterisk is a complete PBX in software. It runs on Linux, BSD, Windows and OS X and provides all of the features you would expect from a PBX and more. Asterisk does voice over IP in four protocols, and can interoperate with almost all standards-based telephony equipment using relatively inexpensive hardware.
Asterisk provides Voicemail services with Directory, Call Conferencing, Interactive Voice Response, Call Queuing. It has support for three-way calling, and caller ID services.
For more information on Asterisk, check out http://www.voip-info.org/wiki/index.php?page=Asterisk