I've only ever run TestExecute inside a VM. With the license manager held elsewhere.
But I think you will be able to run TestComplete (node locked) in a VM as long as it has external network access so it can dial home. But you will be tying it to that VM so you need to be careful about it.
Using TestComplete to do your development then handing it off to TestExecute (which you'll have got free with your node locked TestComplete) to do runs inside the VM while you continue to use your physical PC seems like the better option. (You'll need to host the license manager somewhere with this approach)
More info:
http://support.smartbear.com/viewarticle/63455/?aliaspath=/viewarticle
