1. Check Microsoft.SharePoint.dll - WSS version (C:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\12\ISAPI
2. Check Project version in the GAC ( type assembly into the start RUN) – check for Microsoft Project Server and Windows SharePoint Services File Version Microsoft Project Server - Product Version - Windows SharePointŸ Services - Product Version
3. Verify the following registry key : HKLM\Software\Microsoft\Office Server\12.0\BuildVersion
4. Connect to the SQL server Management Studio
Compare against the following table
Project and Project Server 2007 Hotfix Versions