There are many ways to run an OS vituraly Programs like "Vituralbox" or "vmware" but from what I hear some of the later versions of windows 8 alpha do not run useing that software. You can also try and use Microsoft's "windows vitural pc" (you can download it from Microsoft) if you have a Pro or higher edition of Windows 7.
Must quote myself: don't use it. It BSODs after some minutes and then keeps on saying it needs to restart the setup, and nothing happens.
I prefer keeping a stable and updated OS like 7 as main OS. I would reconsider it only if an M3 leaks, maybe I'll take a chance. In the next days I'll try to reorganize my hard drive.
On Virtual PC, not. I'm going to try with Virtualbox. I preferred trying on real PC, but for now, I can't. And yes, it's bootable.
BTW, Windows 8 has enabled the newer boot screen on my netbook. Win7 used to boot with the vista boot-up screen on my netbook, but it seems 8 has enabled the Win7 one for smaller screen devices... Thinking of tablets M$ ???