It has been discussed, though not really thorougly in depth.
Anyway several of us have tried making MackieOS run under a virtual machine.
The problem is that the OS is very particular about which hardware is connected.
For my experiments, the OS stopped booting when it tried to activate “write combining” for the graphics card.
And I didn´t find any way to make the virtual machine emulate that.
I tried to see if I could make the VM emulate one of the ati cards that seems to work for these machines - also without luck.
I think it would be SOOOO awesome if someone could hack the OS, and make it work on more modern machines, but I suspect it would require a very hardcore programmer to reverse engineer the OS - and I dont know anyone of those