It is possible to run the Cosessions software on a virtual machine in newer windows versions, there is just one problem though. You can't install Cosessions on a virtual machine!
I found a trick that works though, once you have installed it on an older machine, you can copy that installation to the virtual machine and it works. Being a DOS program, the Cosessions installer isn't like modern setup routines, it is much simpler so there are no registry settings or things like that to give you problems, it just doesn't like running setup in a virtual enviroment.