Yes it will work. But please note that our licensing system uses the ID of the CPU to identify the hardware.
On virtualized environments this ID may change, because a different physical CPU is assigned to the virtual machine each time that it is rebooted.
This issue can be solved setting the Affinity Processor, which assigns always the same CPU to a specific VM.
In Vmware, this property is defined at Resources->Advanced CPU->Scheduling Affinity. I don't know other virtualization systems, but there must be an equivalent property.