Since no one has answered your question yet...
Yes, Virtual PC will allow _ANY_ windows program (or x86 linux/ x86-unix program) to run underneath Mac OS X.
If the program is a demanding one, do not expect the best performance, as VirtualPC has to virtualize x86 hardware. I would suggest running win2k under it instead of winxp, as you will get superior performace (XP is a resource hog; bad enough on normal PC's, pushing it on virtual ones).
Today marks 1 week since I've had my Powerbook. I approve.
That being said, I wouldn't want you to try to run a MS product on a Mac... there are open source versions, although the names do not come to mind (boch?? i dunno)
Edit: Yes, 'Bochs'. i'm compiling version 2.2 on Tiger as i type this. version 2.1 has a binary version