Asterisk and Xen virtualization: a meditation

Can asterisk be run under xen virtualization?
hardware concerns? does the parent OS need kernel modules for zap?

this is an important question for those of us in industries downcosting over 15%, as our management are loathe to give us any money at all for systems they themselves request.

virtualized asterisk would also permit multiple PBX’s to be managed with possibly greater efficiency or ease.