Yes, it should be possible.
Quoting from help.ubuntu.com > What are VServers > Installation:
Create a new guest
/etc/vservers/newvserver-vars (man newvserver(1) for options):
This command creates a new Ubuntu Dapper image. You can change
"dapper" to "edgy" or whatever you want above. You can run virtually
any Linux distribution as a guest (for instance, Gentoo).
Bigbluebutton is based on Apache Tomcat, mySQL and several libraries, I don't see too many incompability problems here. However, I didn't verify all myself.
EDIT: However, using a virtual machine should be the easier & quicker way - as there is at least one preconfigured VMWare image with a BBB system.