I have finally successfully managed to install Mac OS X in a virtual machine on my Windows 7 laptop using VirtualBox and a tutorial from Lifehacker.
Performance is very slow, with Mountain Lion reporting that it is seeing just 4MB video memory (I didn't manage to load the Intel HD3000 driver). Youtube is essentially unplayable, with even the audio potion stuttering. That said, the interface and general UI is pretty acceptable.
Even with such slow performance, does it make sense to download and develop with Xcode? I am allocating 3GB of RAM. What would performance be like under those conditions?