According to my experience, VS can run properly on VMWare Fusion and I wrote some .NET apps with it. However I am not very sure about XNA. the possibility is 'too slow', I think. Referring to this,
VMWare does not emulate a Shader Model
1.1 card - XNA needs a Shader model 1.1 card. There's no software rendering in XNA/DirectX - you used to
be able to create the reference
rasterizer which is optimized for
correctness not speed but its
essentially useless as a debugging
tool. Even the simplest game will run
too slow to work.
also another topic here