IS THERE ANYTHING LIKE VIRTUAL PROCESSOR ?

Yeah, rather than just a virtual processor, you're going to need a whole virtual machine.

You can run a virtual machine from your local machine for free using free software, as GRS said. It will be limited to a percentage of your real computer's capabilities.

If you want some higher end computing, you can "rent" a virtual server on Amazon Elastic Cloud Computing with whatever specs you want. It'll be running Windows Server 2012, which is the server version of Windows 8 - it can run anything that normal Windows 8 can run. It costs something like 25 to 75 cents an hour depending on how fast you want it to be, but I think the first year is free as long as you only need one virtual computer and don't use it more than a certain number of hours a month?

Eh? It should be fine. I use Virtualbox on my 64-bit Windows 7 to install 32-bit Windows XP more than once due to 16-bit installers for various ancient games.

You can't drag and drop files directly into the VM. For network select your VM in VirtualBox and go to settings. From there go to Network and make sure Enable Network Adapter is enabled and that its' attached to the NAT. For USB plug in your device to your computer and go to the USB under your VM's settings menu. Click the USB plug with the green plus on it to show the list of currently detected USB devices and add your device. Virtualbox will capture all communications with this USB device and pass it to the VM. Do not capture your keyboard/mouse with this otherwise only the VM will read your inputs and you'll have trouble working with your real computer.