Whether it can be done, and how you do it, will depend on your virtualization tool; if you can mount a physical drive to a VM, Windows Home Server will be able to share data from it. Please consult the documentation and technical support for that tool for
exact capabilities and procedures.
Edit: Assuming you're running Windows Home Server 2011, that is. Windows Home Server V1 requires you to let it manage data, not some other tool/computer/etc.
I'm not on the WHS team, I just post a lot. :)