Can I install Mac OS X Lion (10.7) on my Windows XP PC?
Questions that detail how to actually installation of OS X on non-Apple hardware are off topic due to the violation of the Apple EULA, but let's see if we can have a good general discussion of the issues and assume everyone is here to learn where the virtualization issues lie. 

Using non-Apple hardware

Your only option is a hackint0sh.

Using a Mac computer

If you were using a Mac computer, you can use both operating systems:


simultaneously: 

OS X (host), XP (virtual machine)
dual boot via bootcamp:

OS X, XP &#x2190; this will allow XP full access to the hardware

Note:


Bootcamp in Lion does not support Windows XP. (Thanks to @DanBarrett for mentioning this)


It only supports:


Microsoft Windows 7 Home Premium, Microsoft Windows 7 Professional, or Microsoft Windows 7 Ultimate with Boot Camp 4.0. Check this list for information on 64-bit support.