I don't think that running a virtual machine on yesteryear's hardware is a viable option. Yes you can make it boot but it'll be too slow for productive use. The virtual machine is really only useful on modern hardware with at least 4GB ram and hardware virtualization support (Intel VT-x or AMD-V). If you have the hardware support then you supposedly can run 64-bit guests on 32-bit hosts, though I haven't tried.
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