I am assuming due to the reference to Exchange that you are on Windows.
If you have an old box lying around that works, you could install linux on it and then choose from a number of different imap servers. Dovecot and Courier are both good choices and I have worked with them before.
You could use fetchmail to then pick up the mailboxes and then deliver to the imap boxes or get them deliver directly.
Setting up such a linux server for email was one of the first things I ever did on Linux. While initially daunting, once you get the hang of it, it is pretty straightforward and there are plenty of resources out there to help.
Ubuntu is probably the easiest to get used to. CentOs is also a reasonable choice.