Yes I have tried and It will work.
There is a known issue with VirtualBox and the Ubuntu 8.04 and later Server releases. The server release requires the PAE extension to be available on the virtual processor presented by VirtualBox to the guest OS. PAE support on the virtual processor is available in VirtualBox, but must be enabled on a per processor basis.
This is done either through the GUI,
Vm's Settings > General Section > Advanced Tab > Enable PAE/NX
or with the command
VBoxManage modifyvm -pae on
This article is also valid for Ubuntu 8.10 Intrepid Ibex
Virtual Box 4.1.12-Ubuntu-r77245 on Ubuntu 1204 64b Desktop The settings to enable PAE/NX can be found in:- VM Settings > System Section > Processor Tab > Extended Feature: Enable PAE/NX
64 bit guests
A 64 bit host CPU is not enough to run 64 bit guests (in contrast to VMWare). The host must also be running a 64-bit OS and have hardware virtualization extensions enabled in the mainboard BIOS.
see this for more.
https://help.ubuntu.com/community/VirtualBox/Installation
https://help.ubuntu.com/community/VirtualBox
How do I install Guest Additions in a VirtualBox VM?