Can I boot Windows 7 from a VHD natively and within a virtualization host?

Can I boot Windows 7 from a VHD natively and within a virtualization host? I'm a .net developer at work, but I'm doing more and more development in ruby on rails at home and I'm considering switching to Linux as my primary OS at home. However, I won't be able to totally give up Windows (I wouldn't want to really) so I'm wondering if this setup is possible:
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