Windows 7 - Sonicwall VPN & VM's

I may soon get a new work computer, most likely 64-bit Windows 7. I work from home and use a Sonicwall VPN client (similar to the Cisco VPN where only selected IP's pass through the VPN) to connect to work. I also have some software that may not work with 64-bit, or that I know has problems. That means maybe using XP Mode or similar VM at times.

Just how is networking for a VM handled? Is it treated as a totally new computer with it's own IP? If I had the Sonicwall active on the 64-bit, would the VM see the corporate network? Would I have to run a separate client in the VM?

I was just wondering if others had a similar setup and how it worked.