the reason i am asking is that i have misplaced the windows dvd, so wanted to make sure the VM stays as it after the upgrade, otherwise will have to wait till i figure an alternative out.
so basically all the non apple softwares stay as it is after the lion to mountain lion upgrade?
They "should", however a clone is your safest bet to keeping everything status quo, and preferably two. See my tip on upgrading:
There is always the risk something either may be incompatible, or hardware may fail during the upgrade process, due to no issues with the update itself.