Like another user noted: copy the content databases to the dev
environement and attach them. Don't let the dev images connect to the
database on the image itself but to another db server with common
content.
In a SharePoint 2003 project some time ago with several developers, we
all had out own Windows 2003 and SharePoint Portal 2003 installation,
but we all connected to the same content database. Each could develop
and reset and debug code on the webserver without bothering or
obstructing another dev.