I too have a Transformer. I have been looking for a VM to run on it as well. The only thing that I found was a convoluted install of BOCHS. There is also a VM on Google Play that works for running different versions of Linux, and another that will run older MS OSs, such as DOS or 95, but nothing for 32 bit x86 based Windows XP or later. I am sure if someone went to the trouble to develop a VM app supporting x86 32 bit OSs such as XP or W7, there would be major user support. So far I have not found it.