Check Installation guide - if your platform (OS) of choice is supported then you're good to go. But you would also have to ask - can the OS I plan to use run on this VM?
In general, Oracle does not care about the hardware it is running on (it is up to the OS to manage the hardware properly).
XE is free to use, subject to these restrictions - http://docs.oracle.com/cd/E17781_01/install.112/e18802/toc.htm#BABIECJA
Your VM OS may or may not be free. What is the purpose of using this XE install ? If it is for personal learning, then you can install VM (Virtualbox at http://www.virtualbox.org), Oracle Enterprise Linux (from http://linux.oracle.com) and 11g XE for free.