Virtual machine, core i7 and laptop please help

yes i was wondering could you buy a low end computer and set it up as a virtual machine so it could use the power of my main desktop computer (a core i7) over the LAN network and play online video games like warhammer, or WoW. im on a tight budget and dont really want to foot the bill of a 750dollar laptop but i have found deals for about 400 for laptops with t3400 processor with 4500ghd intagrated graphics. or t6400 with intategrated graihics 4500mhd


my desktop that i would virtual machine it to for when i play video games on the laptop like on the porch ect. well my desktop is a core i7 920 with a 9800GTX+ graphics card. would virtual maching it makeing a second partition on the laptop for when i want to boot in virtual machine to play a video game on my porch. can this be done? is it hard or to complex? would i have real bad game play or lag. if i left out any information please let me know

thanks
winter