Asterisk
Asterisk is a complete PBX in software. It runs on Linux, BSD and MacOSX and provides all of the features you would expect from a PBX and more. Asterisk does voice over IP in many protocols, and can interoperate with almost all standards-based telephony equipment using relatively inexpensive hardware.
Features
Asterisk provides Voicemail services with Directory, Call Conferencing, Interactive Voice Response and Call Queuing. It has support for three-way calling, caller ID services, ADSI, SIP and H.323 (as both client and gateway). Check the Features section for a more complete list.