I dont see it possible. lguest, even though its a hypervisor, doesnt offer full virtualisation. It requires a Linux kernel as guest, one that supports lguest. ReactOS is NT-based and doesnt use Linux kernel at all.
Regards
2010/9/15 Enrico Weigelt 
<weigelt@metux.de>
Hi folks,
did anyone already do some research on whether ReactOS could
run in lguest ?
Maybe this could be a nice for development/debugging and
attracting more people ;-)
cu
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 Enrico Weigelt, metux IT service -- http://www.metux.de/
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