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You can try but only 10.2.0.3 databases and up are certified on Oracle VM. 10.2.0.4 and higher for RAC. Check this article.
Certified Software on Oracle VM [ID 464754.1]
Also, windows 2000 is only supported via hardware virtualization and only with version 2 releases. Not version 3 or higher.
It might work. Might not. I'd say you best bet is to run it on Virtual Box. or you can run it on windows 2003 virtualization. I still have an old NT 4 server running isolated on windows 2003 virtualization that pumps out thousands of reports a day.
In terms of support, we are looking to migrate Oracle 8 through 10g from Solaris and AIX to linux VMs on Oracle VM Server as well. The way I look at the big picture, I would rather an unsupported configuration run on a modern hypervisor system with workload mobility, hardware independence, HA, remote consoles and admin capability etc than an unsupported configuration on a bare-metal sparc or power system. Any Oracle 8 is pretty unsupported in any capacity, due to running only on out of date OSes that have to be paired with ancient hardware so I would rather remediate the hardware risks than not.