Of course now it would be a specialized, stripped down VM, which Microsoft would never sell you because licenses. So if you're willing to pay for it, it's called (your VM software of choice) + a Windows license. Not optimal, I know, and way overweight but that's what we get right now.
This is one thing I would like to see developed again, but in reverse -- a Linux runtime for Windows. There was already a Linux kernel that would run as a user process under Windows (colinux, I think it was); combine this with an X frontend, and file system sharing, and you would be able to package up any Linux app for Windows.
EDIT: Are you talking about a company that would develop a new operating system and sell workstations running it? Or a company selling pre-configured Linux workstations, of which there are several? Or a company selling pre-configured high-end Windows workstations, of which there are several?
Supporting everything is such a massive problem and it is hard to gain mainstream traction before people can plug in any combination of hardware, use almost any app they might want to and play all the latest games.
I think Microsoft would be very smart to release a multiplatform replacement for W7/8's Windows XP Mode. Presumably it'd be an even-more-stripped-down version of Windows Embedded 8, with no shell, and all background services configured to only start on request.
But I think that if Microsoft releases a multiplataform replacement of XP mode, they'll turn the slow fade of Windows into irrelevance into a tremendously fast fading of Windows into irrelevance. Yep, that'd be great, and maybe even good for Microsft (they could focus on software that people actualy want - they have some), but I don't think they want it.
Or for some system to run complex Windows apps in Linux? (Wine is great but for many apps, such as Adobe Lightroom or Sony Vegas it just dies silently during install.)
If there was some container that would let one run complex, modern Windows apps in Linux I'm sure people would pay for it. I would pay for it.