Absolutley!
You need to have Virtual PC (or better yet, the new RealPC for OSX scheduled for release around June 1).
I am a Microsoft Access developer (my day job) and all my programming is done in Microsoft Access in Virtual PC using Windows 2000.
My main system is a G4-400 desktop with 1G RAM. The VPC drive image is set to 256MB RAM size.
My portable is a TiBook G4-400 with 384M RAM with the VPC drive image set to 192MB RAM.
Been working this way for years (obviously from the machines I own).
No Prob-lem-o.