Well........
This was just a Proof-Of-Concept to see if it could be done. I said I can watch live TV, but I didn't say it was pretty!!!!!
As the OP stated, he just wants to run a backend, so sound and video shouldn't be an issue.
Having said that, If I run the VM fullscreen, it is watchable. VMWare passes audio through to the default wave device via DirectX (I'm testing this on a WinXP machine) and with the VMWare video drivers installed on the VM via VMWare-Tools, video is fairly good when in full screen. I only tested SD resolution though, as my test machine only has a 15" LCD monitor (1024x768).
I'm off to get some sleep now......