Help understanding virtualisation programs

[#1]

I have two programs which will not run on my new PC running Windows 8.1 64-bit. Lotus 1-2-3 doesn't like 64-bit and Dragon naturally speaking 11 is not supported in Windows 8.
I have Windows 8.1 pro which includes the virtualisation program Hyper- V. If I create a new virtual PC running Windows XP 32-bit and install Lotus and Dragon on that will I be able to use those programs when I am in Windows 8.
For example will I be able to dictate into dragon NaturallySpeaking running on the virtual XP and have the result type in word running in Windows 8.1.
When I am working in Windows 8.1 can I cut and paste information from Lotus 123.

[#2]

Yes - to the applications they will appear to be running under Windows XP.
You can also allow network access and shares between the two machines and it should all "just work"
I use Virtualbox for running six virtual machines on my main server and again for running Windows XP and Windows 2000 under my workshop Linux machine. The Windows 2000 virtual machine directly accesses a 12 year old printer over USB as that was the last Windows operating system that supported that printer although my Linux machine prints to it quite happily still.

[#3]

I don't know about the copy / paste bit though - normally Virtual Machines are run as separate entities although I don't have any experience with Hyper-V etc.
Nothing to be lost by trying apart from a couple of hours of your time.

[#4]

Be aware that simply enabling Hyper-V means that the main Windows 8 OS is virtualised. If you intend on gaming, you will get a reduction in performance, although whether or not this is noticeable depends on the hardware. If you want to avoid this, use something like VirtualBox, which doesn't affect the host OS at all.