Vmware player works without problems.
Using it alle the time. win7 x64, 6gb, 3x wow + 1x d3
Running a vm will not give you a different public ip, it will only give you an alliterative internal ip, which hasn't proved to do much at all, in regards to getting banned..
What it will do is if your account checked for what ever reson, ( player report) it will let blizzard know you playing on a vm ( yes the wow clients knows what it's being played on) this will only be more evidents against you..
Also.. A understanding of how a vm works is a good idea before installing it.
bl4ck what software do you use for external IPs?