That's an intriguing question!
If it does, I'd expect that drivers for most of the virtual hardware would be fairly outdated, and thus not likely to work well.
I'd probably go for Windows 7 at the absolute most, since Windows 8.1 and newer require certain CPU instructions that I sort of doubt Virtual PC emulates. Vista would probably be more within reach, as it has more in common with XP regarding system requirements (by accident, I once got 7 to boot on an 800 MHz Athlon, and it actually ran surprisingly well, considering I had only used it on multi-GHz computers up to that point).
That being said, I only have G3s with me at the moment, so Virtual PC with anything other than MS-DOS or Windows 9x would likely be miserably slow. For even remotely acceptable performance, I'd recommend only running it on the fastest Dual G4s and G5s, especially if you're planning to run either Vista or 7.
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