I took a quick look at this because I have found installing multiple VSTs and things like Komplete on a new system everytime I upgrade a complete waste of time, it can take days. A VM would make more sense.
I work a bit with VMware so may be able to help. I also am good at typing stuff into google. So first off:https://www.youtube.com/watch?v=EMZzwUmkDjA
This guy seems to be doing it, so it's possible.
So VMware is one of many virtualisation options, and that has a few different options within itself. But in summary VMWare is a very solid, easy to use and mature software which gives you direct access to hardware (Meaning probably ASIO, USB licencer etc), VMware player is free, but you may find limits in how many cores or how much memory it can use in powerful systems (Until you buy a full licence ~£180). You would also need the licence for commercial use.
Multiple instances of VMware VMs.. If you have powerful hardware you could do this, but you would be sharing CPU/memory access etc with both VMs, this may affect performance of the Cubase VM. And if you want to run one VM on multiple PCs to share the hardware, this is called clustering, and the technology isn't really there for that yet.
Could you stick the VM on a USB stick and run from that? Yes, although this would probably be slow (In terms of loading times), and it would need to be a fairly high capacity USB stick. USB3.0 would probably not be so slow if it's a high end memory stick.
Would there be preferred hardware? As I understand it, probably not. Because the virtualisation gives the virtualised OS direct access to the PCI bus (To the card), so the virtualisation layer shouldn't interfere.
In terms of other options, virtual box is probably the most solid competitor, by oracle. This is free (GNU licence).