It may or may not run. The new Virtual PC was designed to run only on Win Pro version and above. The only real problem is that you just have to uninstall. Also the new version requires that your system be equipped with the "V" (virtual chip) chip, and it be activated. To activate the chip you have to go into your bios screen (if available). Hope this helps.
You could use Virtual Box (freeware), or download a trail version of VMware Workstation 7 to test which you would like better—Virtual Box or VMware.