Yes
I have an 32bits XP as host system coreI5, than virtualbox runs as guest.
I have many virtual machines configured running linux, winXP, DOS, etc.
VirtualBox can create special shared folders between the host and the guests so developing code to run on different machines is very fast and feedforward. You can create a source and, in real time, you can compile and test it on the other OS's simply switching the machine. Eventually modify the code with the development environment of the other system and transfer modifications back to host, or another guest, via shared folders.
The main point of VirtualBox is that it is based on free vitualization software and use a lot of WINE code.
.... and of course is free.......
