First of all, the generic/usual name is "Virtual Machine", "Virtual PC" is a piece of software from Microsoft... but thats ok, we understood the idea...
This is all possible right now, VMware released a new beta a few days ago that as some very cool new features:
VMware workstation 6.5 beta According to them:
"Support for applications that use DirectX 9 accelerated graphics applies only to Windows XP guests, on hosts running Windows 2000, Windows XP, Windows Vista, or Linux."
Nevertheless, it is always good to have a free alternative, VirtualBox, although very good, is not (at least yet) as powerful as VMware Wokstation... so +1