I guess what I am really asking is if it's possible to run non-intel OSX like Cheetah, Jaguar, Puma or Panther. Also, is there any issues running Tiger or Leopard?
If you look at the product features page you can see only the following OS X versions are supported: Leopard Server, Snow Leopard Server, Lion, Mountain Lion.
I once successfully installed Intel Tiger into VMWare Fusion 2.0 and Leopard into VMWare Fusion 4.1 during a free trial that has now expired. I do not believe that either Parallels or VMWare Fusion will support PowerPC versions of Mac OS X. What apps do you have that will run in the PowerPC versions, but not in Leopard or Snow Leopard, which have Rosetta to run PowerPC apps?