sure, just make sure your VM has IDE drives, not SCSI ones.
So only the VM will be affected by the pre-boot authorization, etc. My machine itself would not be affected at all - I could reboot it and not have to worry about the McAfee Encryption logon screen?
if you install it into a VM, the machine IS the VM. it's not going to know about the host?
that's the whole point of virtualization.