We get a lot of questions and calls about what Server System software is or is not supported in a Virtual environment. There's a good KB on this: http://support.microsoft.com/default.aspx?scid=kb;EN-US;897614
But in summary, the following apps are NOT supported:
Of course that doesn't necessarily mean that it won't work, nor does it imply that anything not on the list is supported. In all cases it's best to contact your Premier Support Services representative for a definitive answer as the situation may change per release or even service pack.