Dan,
Yes it is possible (though I haven't tried with 3.8), but like Derek said, it's currently not easy. After 3.8 is stable, I'd like to work OOT development as the next task, but that'll probably be a while (6+ months). I don't see any major roadblocks, it's just going to take some time to make it cross-platform friendly, most of the issues as I recall are around permissions and folders, since Windows uses a different approach to program code/data.
Setting up a Linux VM is pretty straightforward, and is what I'd do in a Windows lab until them. They used to be troublesome because of the USB performance made working with SDR's difficult, but seems to have mostly gone away as an issue.
Geof