MICROSOFT SOFTWARE LICENSE TERMS WINDOWS 7 HOME PREMIUM
3. ADDITIONAL LICENSING REQUIREMENTS AND/OR USE RIGHTS.
d. Use with Virtualization Technologies. Instead of using the software directly on the licensed computer, you may install and use the software within only one virtual (or otherwise emulated) hardware system on the licensed computer. When used in a virtualized environment, content protected by digital rights management technology, BitLocker or any full volume disk drive encryption technology may not be as secure as protected content not in a virtualized environment. You should comply with all domestic and international laws that apply to such protected content.
I think the relevant words are “instead of”, ie the same licence can’t be used for both a native and a vm installation. At least that’s the way I read it.