Win7 and Win8 work fine with one virtual core. OSX generally will only use one core, but there's bugs in the OS that freak out in certain circumstances. The bigger issue is RAM. XP is fine in 1GB, OSX, Win7 and Win7 really need 2GB each. 10.6 was fine in 1GB, 10.7 in 2GB, and 10.8 really wants 3-4 GB. The performance difference on my mac mini between 4 and 8 GB was dramatic.
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