It should. With Parallels, VMWare Fusion or VirtualBox, once you start up the virtual machine it is that operating system. So anything you can do on Windows you can do in a Windows virtual machine, same with Linux or other operating systems running as a virtual machine. Each with their own set of software.
I personally have used Virtual Box and VMWare Fusion and prefer VMWare Fusion because they have a lot of virtual machine images ready to go at a click to download. So I don't have to run installers to install any flavor of Linux. I still have to install Windows with any of the VM software out there.
Other neat thing is that now that VMWare has introduced the Micro Cloud Foundry, I can create my own private Cloud by just downloading the VM Image that they have on their website.
subject: Will any parallels-esque software, on 10.6.3, let me run Java 7?