[ubuntu] VirtualBox with two different hard drives

Patient: 2008 Dell Studio 17", Intel T9600 2.8GHz CPU, 4GB DDR2 Ram,
SSD: PlextorM5Pro 128GB MLC, SuperSpeed 64GB SLC, OS:Ubuntu 12.04LTS

I have seen a few guides for installing VirtualBox. One said: Start with a Windows OS (host), install VBox, and then install Ubuntu as 'guest'. OK.....
I am thinking(ha!) of using a 'old' version of Windows 7(not ask...) as the 'host' on my 128GB SSD and the Ubuntu as 'guest' on the 64GB SSD.
(These SSD are SMALL, but I not need music/pictures/videos/gameing; only playing with the laptop with some 'old' C/C++ apps devs.)

I have done a few dual-boot with Windows/Ubuntu (desktop) and needed to 'reboot' each time to see the other OS. The VBox will (I hope) yet me
use either OS at the same time.

Question: Will using the 2 different SSD work? Any suggestions?

Thanks!
RickO