^^
Vt-x is hardware based virtualization technology, which is not MANDATORY for VMs - though they are supposed to make running VMs fast.
For example, on my Lenovo t60 laptop (centrino core2 duo 2 GHz with 2 GB Ram), I have VT-x DISABLED in BIOS. Still, running Windows XP as virtualbox/vmware guest on Ubuntu OS works perfectly fine.
To sum up, VT-x is NOT required for virtualization, though it probably helps. I am able to work without it just fine (esp with virtualbox).
(I did try enabling VT-x, but somehow my guest image stopped working - maybe I need to have it turned on before installing the guest image).