Can I run XMBC and Ubuntu Server at same time?

I have my system setup running Ubuntu 12.10 as a minimal private web server for testing and an ssh box that I can access from work.... I need to keep it this way...

However, I would like to also use the box for XBMC....

Can I do both? Do I need to dual boot? Can I run XBMC in virtual box? In background?

How would/could I get both to work.

This is my current setup:

- Shuttle SA76R4 AMD 760G ATI Radeon 3000 Barebones
- Kingston SSDNow V+200 KR-S3020-3H 2.5" 120GB SATA III Internal 7mm Solid State Drive (SSD) (Stand-alone Drive)
- Kingston 16GB (4 x 4GB) 240-Pin DDR3 SDRAM DDR3 1333 Desktop Memory Model KVR1333D3N9K4/16G
- AMD Athlon II X4 640 Propus 3.0GHz Socket AM3 95W Quad-Core Desktop Processor ADX640WFGMBOX

Please advise!