1. A client hosted virtualization system (CHVS) comprising: a processor operable to execute code; and a non-volatile memory including first code to implement a basic input/output system for the CHVS, and second code to implement a virtualization manager operable to: initialize the CHVS; authenticate a first virtual machine image associated with a first virtual machine; launch the first virtual machine on the CHVS based on the first virtual machine image; and implement a policy manager operable to: determine a first policy for the first virtual machine; receive a first request to access the first device of the CHVS from the first virtual machine; determine if the first virtual machine is permitted to access the first device based upon the first policy; permit the first virtual machine to access the first device in response to determining that the first virtual machine is permitted to access the first device; and deny the first virtual machine access to the first device in response to determining that the first virtual machine is not permitted to access the first device; wherein the CHVS is configurable to execute the first code and not the second code, or to execute the second code and not the first code.