I am using my server to host about 15 virtual domains, and it works great.
If you have a virtual domain set up, register the virtual domain with a registrar, and point the name to your IP. SME will resolve it.
If you do not have the domain set up yet.
Under domains in server manager, just create xxx.com, and point it to the appriate ibay. It is really that easy.
Email is not too difficult. There are two methods to create an email alais for a virtualdomain. Look for the how to by Ray Mitchel, or buy the one from Dungog, which gives you a server manager pannel.