actualy depends what you would allocate to your VM, if he's got a powerful hardware config it could work. Graphicly at least, network wise even if virtualisation is better and better i remain skeptical. ^^
I stopped playing on OSX back when PB started timing out all the time ( which also was the last update, so no fix would ever be released ).. etpro is closed source and PPC only so there really isn't that much use in playing it on osx anymore anyways, sucks since 2.60d was a really nice patch and should've been released on windows as well :)
http://www.vmware.com/products/fusion/overview.html
Competive ET will never have full support, it's Windows only!
Any virtual machine won't work because TZAC will refuse to work. You may ask chaplja for an exception.