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DOS and Windows 3.1, as of the latest unofficial builds of DOSBox, now work better than VMWare, VirtualPC or Parallels. They've done a great job...
Or at the risk of getting booted off the forum, Microsoft's VirtualPC (now free) works great in DOS. SB16 works too. If all you are after is DOS...
I imagine it would support it like any other PC with a Soundblaster in an ISA slot. Through DOS device drivers available from Creative Labs. Or...
That pretty much is a requirement for me to consider Parallels over VirtualPC. Well, that plus fixing all the DOS games I've tried just crash...