you need to install operating systems (as if on an empty pc) - no shortcuts there.
as far as i know, windows license is limited by the pc itself, and therefore you can install the same one over again (still same user AND same pc, isnt it?)
once you DO have a virtual pc configured, you can make copies of it (still-to be used on the same pc!) one with office2000 one with officeXP, one with only access runtime...
it's all legal thus far.