Just as an addition to question 7:
> 7. Could there be any issues with hidden Virus/Trojans in the test software once installed ?
Depends what you install, as Eric said. However the virtual PC will to all intents and purposes act just like a separate computer, it will even have a separate IP address and everything, so in order to access the main "real" PC, you have to access it over the network, so the only way a virus would get from the virtual PC to the main one would be through network access, which of course a lot of viruses do nowadays.
If you install Windows inside the virtual PC, you can always install a virus checker into that, if you want. Depends on what you want to use it for of course
But yeah, think of the virtual PC like a separate PC, and treat it as you would any other PC on your network.