The key-switch feature is available in the 12.1(5) YD release...not absolutely sure abt the version number...You can make the IP phones register to the router, and if you have routers at each remote sites, connected via wan, you can make calls between them.
To run an external phone line, connected to pots, you might want to add a FXO (VIC) on the router.
Sankar Nair
UC Solutions Architect
Pacific Northwest | CDW
CCIE Collaboration #17135 Emeritus