The EULA revision came along with 10.8. Prior to that you could virtualize 10.7 Server, but once again, only with Mac OS as the host, and only with another licensed copy.
kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=2005793
Prior to that you could only virtualized 10.6 server.
More important, can I get the most recent versions of browsers? (Safari,Chrome,FireFox)
"to install, use and run up to two (2) additional copies or instances of the Apple Software within virtual operating system environments on each Mac Computer you own or control that is already running the Apple Software, for purposes of: (a) software development; (b) testing during software development; (c) using OS X Server; or (d) personal, non-commercial use."