It will work, provided you have enough RAM to lend to the guest OS. Many notebooks/laptops that comes with 7 preinstalled has only 2GB RAM, the minimum recommendation from MS to run 64 bit Win 7.
In order to support the VM, and your system to properly function, you'll need to have at least 3GB RAM. 4GB would be better. Plus, if you have the option, go into the BIOS and enable hardware assisted virtualization. It will give you better performance for your VM to run.
I speak this from experience, as I could not get a VM to run with my stock 2GB RAM. Once I upgraded to 4GB, I had no problems with it. Except that 32 bit Vista would not run in it, even loaning it 1.75GB RAM was of no help.