Can I really use Microsofts Virtual PC to emmulate OSX?

Answer 1

No you can't. Virtual PC can emulate only x86 based OS (the new version 2007 will hopefuly support x86_64 as well). OSX doesn't run on this arhitecture! It runs on a PowerPC arhitecture so if you really want to do this you need to install a powerpc emulator.
It's available for download here:
http://pearpc.sourceforge.net/downloads.html
And here is an article with what you need to do to get it started:
http://www.windowsdevcenter.com/pub/a/windows/2005/01/18/PearPC.html
Keep in mind it's still beta software and it doesn't support all OSX versions...