Does the license allow me to run Windows 7 in a virtual machine and on the host? [duplicate]

The answer is no.

From the Windows 7 licence agreement available at www.microsoft.com, section 3 "ADDITIONAL LICENSING REQUIREMENTS AND/OR USE RIGHTS":

d. Use with Virtualization Technologies. Instead of using the software directly on the licensed computer, you may install and use the software within only one virtual (or otherwise emulated) hardware system on the licensed computer.

Note the "instead of" part. If you use the licence to install Windows in a VM, you may not use it for a second Windows installation on the physical computer.

This applies to both OEM and retail licences.