VM can't do everything. It can run most apps that doesn't require heavy graphical images or drivers. Like most video games with any kind of graphical demands won't work, because VM installs their own drivers to fake out the OS into believe it's actually installed on the hard drive instead of being install within a program to emulate the hard drive.
WINE is very good for running windows programs as long as it is set up correctly for each program....some programs run better on the NT version rather than the 98 version. Also if you can't get a program to work with wine (like most macromedia products except dreamweaver) then you could always use Qemu with the accelerator, it is almost the same as VMWare but I found Qemu a little easier to use.
linux equivalents is the best way to go. you can find one on the magical Google, or the package manager just search a keyword such as "spreadsheet" wine is good, but it's not for huge programs and definately not games(for windows games try cedega)
a virtual machine is pobably the worst way to get windows programs working.