You can sort of accomplish this with VMWare, but I've at least found it doesn't run that well and I'd like to think I have an okay-ish PC(8gb ram, i5 3570k, geforce 770, ssd). Just look on these forums and you should see the thread on it.
I'd love to see a non vmware option, though. I was unable to get Sandboxie to work, unfortunately.