Most people are able to use a VM fine it. However, it seems a few people have issues with it.
What OS and VM software are you trying to get working? Include as much info as you can, and maybe someone who has ran into similar issues can reply.
I just re-tested starting up the bot using VMWare Player 6.0.1 in an x64 Win 7 ultimate setup and both Beta and Release works for me. It was just a fresh install, all windows updates, the necessary framework and game dependencies. I have other random issues with PoE in a VM, but they aren't related to the bot.
Crashes on startup should typically be related to your .Net install (or AV). It might possibly be related to your DX install, so make sure you start the game and are able to play it normally first. I'd suggest playing around with that some to see if you can get it working. We don't provide a way to bypass the multiclient limitations because it would be considered a "hack", which is not allowed here.