1. A virtual configuration management system that manages configuration information for applications running in a virtual environment, comprising: a computing platform having a processor and a memory that is configured to host a plurality of virtual machines (VM), wherein each VM includes an application and operating system; a hypervisor that handles data read and write operations between a virtual storage and each VM, where the hypervisor includes a configuration repository emulator that intercepts and processes a request from a VM for a virtual configuration for an application being launched by the VM; a configuration metadata repository for storing metadata associated with a plurality of applications; a versioned configuration image repository for storing versioned configuration images, each versioned configuration image associated with a previously configured application; and a configuration repository manager that dynamically generates a configuration repository runtime instance from a selected versioned configuration image for the application being launched by the VM, wherein the configuration runtime instance includes the virtual configuration.