Yes, revzalot. I use Qemu for network testbeds of that sort. And while my normal use of Qemu is on an OpenBSD host, I *have* run the Windows version. The biggest differences on a Windows host were:
- Requirement for an explicit -L on the command line
- No obvious way to use -nographic
- Different virtual NICs work or don't work correctly on each OS.
My personal preference is to interconnect Qemu virtual machines with multicast sockets.