UPDATE 27DEC15:  After all of this time, I finally found the key to installing OE v5.0.8 in a VM.  Follow the guide below, however, when you first boot the OE Installer, you need to be quick and stop the countdown ( I think it is only 5 seconds or something) by pressing an a key (I use an up or down arrow key) while on the Boot menu screen.  Once you do that, make sure "Run Installer" is highlighted and then hit the 'Tab' key to edit the command line options.  Delete everything to the right of '