In THEORY it is possible, but it usually isn't provided as a VM capability at least very reliably / well.
You're better off looking for unofficial driver installer hacks for your existing card, or finding 3rd party drivers, or figuring out how to use the OEM drivers anyway even if they're not officially supported, or see if you can just get Windows to use it without OEM drivers or something....
On the other hand, a few of the relatively somewhat newer Core2 and Core Quad CPUs from Intel support something called IOMMU / TXT feature which is basically a hardware enhancement in the CPU that lets the I/O devices be transparently virtualized since without that feature DMA I/O isn't really virtualized fully so it isn't really always possible to efficiently assign a hardware device to the control of a VM guest.
So maybe if you had an IOMMU / TXT capable processor model and you waited a few more months maybe one of the main VM suppliers will have some software to let you virtualize the card.
I'd LOVE it if/when they did that, since I'd run UNIX HOST full time, then just run a VM guest of XP/Vista to play video games and give the full control of the GPU card to the VM guest under those circumstances.