Virtual PC isn't an OS in and of itself. It emulates an x86 machine so that you can run whatever x86 OS you'd like. When you buy VPC, you choose what version of Windows or DOS you want (98, 2K, XP, etc.) and can buy add-on OSes later for about a c-note each.
So, if the version of Windows you pick supports the game, then sure, it'll work. If it doesn't, then you can probably get it to work if you have an extra hundred buck burning a hole in your pocket....