I run Delphi 6 Enterprise edition under Windows 2000 under VPC 7 on my iBook G4 1,2 with 512MB Ram, which is not bad. But ofcourse, that's subjective. I did some revisions and added some functionality to a database app I wrote three years ago. I also had to run Interbase server in the background. It ran surprisingly well.
Give it a try. Make sure you have lots of RAM, preferably more than I have. I think my system is the bare minimum for acceptable VPC speed. Don't use Windows XP, and staying with Delphi 6 might not be a bad idea (lightweight IDE).
There is no Delphi for Mac OS X and it's highly unlikely that there will ever be a Mac version. Kylix is for Linux/x86 only, if i'm not mistaken. Not even FreeBSD.
Don't know about free Delphi.
Good luck.