[NF] Server OS in a VM on a client OS box

Hi, all! I need some advice as to whether or not this will work.

Our company runs shipping software (ProShip Server) on a Windows Server 2008 (not R2) computer. Unfortunately, the system requirements for this software have been recently upgraded, so that I need a 2012, 2012 R2, or 2016 server instead. As getting a new server would take several weeks to order and provision, I am wondering if I can install one of these server versions as a virtual machine on a spare Windows 7 machine that I already have.

I've never tried this on a production server. Will it work? Are there any pitfalls I need to be aware of?

Thanks in advance.

Mike