You CAN ... but think carefully about whether you want to. Virtualization of multiple systems in a single box works very nicely for a lot of applications [e.g. multiple servers with varying "roles"]; but for those that require desktop interfaces (i.e. display, keyboard, mouse, and remote control) you need to consider how those functions will be implemented at the display end. As an example, with KODI you need a remote control; video; audio; etc. -- so if you run a virtualized instance of it you not only need to provide a video adapter to the VM, but need to get the A/V output to your TV and the remote control input (and perhaps a keyboard) to the server. There are not-too-difficult solutions to this [e.g. HDMI over Cat-6 and KVM over IP], but if you've already got a good solution (i.e. an Android box) be sure you recognize the tradeoffs in moving the computational resources to a single box.
Thanks, I am aware of this. I already have an MCE remote with USB connection for my android box. In addition my server is under the stairs, which are next to the living room, near my AV Receiver so I just need a very short HDMI cable between them and from there it is already connected to the TV.