Virtual PC, can i install programs? Windows 7 Home Premium 64bit

You'll have 30 days to activate, after that point some features will stop working. See the following link:

Activating Windows 7: frequently asked questions

I still think Windows8 would be a good option for you. It runs programs the same as Windows7. Once you operate from the Windows8 desktop, there is really little difference. And it is free - at least until mid January 2013.

whs said:

I still think Windows8 would be a good option for you. It runs programs the same as Windows7. Once you operate from the Windows8 desktop, there is really little difference. And it is free - at least until mid January 2013.

Agreed. It is essentially a free copy of Windows 7 at this point