Virtual machine imaging Mac OS X has its own legal issues: the only 'Ten Version' as I like to phrase it where Apple's lawyers would be inclined to look the other way if someone virtualised it is (drum roll please) OS X 10.4 Tiger server. Those that exist for the direction you're choosing, even the commercial ones, have their own issues and are generally considered not worth the time money or effort.
Operating system emulators tend to favor going the other way - Mac to Windows.
As a long time Mac user (work and home, classic and OS X), I agree with pludi.
