Which is Better for Running Mac OS X Lion?

Can Lion receive Official updates on a VM?

Can I Save and Install files on any of my Hard Drives like on a Regular OS X Lion?

Is there any way for a VM to autostart Lion when Windows starts?

Do Specifics Specs like video cards or mobo models matter when running Lion on a VM?


Specs:

I5 Quad Core
10GB DDR3 Ram
1 SSD and 1 250gb hdd
Radeon 5850 1GB
win7 64bit

I'm unaware of any legit means to install OS X on VMWare or VirtualBox. In either case, the stability will be at the mercy of whatever installer and build you use.

With Lion, Apple modified its terms so that you can install a non-server version of Lion in a VM. The thing with MacOS is that once it is installed it does not give a shit. You can get all updates, etc without problem. I do not use Windows natively so I cannot answer the rest of your questions, but Lion as a VM under Lion is fully supported by VMWare fusion and it handles all of the details.

With Lion, Apple modified its terms so that you can install a non-server version of Lion in a VM. The thing with MacOS is that once it is installed it does not give a shit. You can get all updates, etc without problem. I do not use Windows natively so I cannot answer the rest of your questions, but Lion as a VM under Lion is fully supported by VMWare fusion and it handles all of the details.

I extracted a DMG of OS X Lion through my Mac Mini (finagled it through a procedure to reinstall the OS on it) and when I attempt to boot the DMG on VirtualBox, I get an error: "This version of Mac OS X is not supported on this platform!"

Every guide on installing OS X Lion on a Virtual system involves messing with the image in some fashion using multiple pieces of software. Moreover, much like the previous two versions of OS X, there are issues with updating the OS.

Regardless of the terms of service, you have to modify the way things work an awful lot before OS X will run on non-Apple hardware, which can (and does) affect how stable it will run.

http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2005334

Once that install is done, VMWare Player should be able to play it.

I do not know how (if) it can be done with VirtualBox.

http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2005334

Once that install is done, VMWare Player should be able to play it.

I do not know how (if) it can be done with VirtualBox.

VMWare Fusion is only for OS X. OP wants OS X to run on a Windows machine.