..If not, do you all recommend me any proven free desktop barebone hypervisor?
You'll have better luck with VMware Player 3. (Or VMware Workstation 7, which is not free, but does include Player 3, which is free.) Workstation & player do support sound in a virtual machine and have improved video performance. I have experimented virtualizing Windows XP Media Center Edition & Media Center in Vista and Windows 7 in VMware Workstation 6 & 7 and Player 2 & 3. XP-MCE fails due to insufficient video RAM. (Needs 256MB vRAM.) Vista & Win7 Media Center will install, but still can't use PCI(e) tuner cards. You can use USB tuners with Workstation/Player, but throughput varies depending on your hardware. The USB tuners I had mostly worked for recording (I still had a intermittent frame drops when recording TV within the virtual machine) but as I said in my previous post, playback of video within the virtual machine is sometimes not acceptable so you may have to view the recordings on some other PC or use a Media Center Extender.
Due to performance issues, what you'll likely end up having to do is have the DVR/Media Center functions non-virtualized on the host PC. Then run virtual machines withing VMWare Workstation or Player. Note that depending on how powerful your physical host machine is, you might not be able to record TV while running virtual machines. My current Win7 machine is a Intel i35 motherboard, Q9400 2.66GHz CPU, 8GB DDR2 800MHz RAM, SATA2 3Gb 160GB 7200RPM drive, and I will get intermittent frame drops and out of sync audio if I run certain virtual machines while recording TV. Basically, TV is a continuous stream and doesn't handle interruptions well.
IMHO, if you are going to use the machine as a DVR a lot, then dedicate a machine to be a DVR. My personal setup is one older Dell Precision 340 with dual tuners as my DVR, two Media Center Extenders for viewing in the main viewing rooms, and a Windows 7 PC (without a tuner) that I've configured the "libraries" to be folders on the DVR. This Win7 PC is where I run my virtual machines. It used to have the tuners in this Win7 PC until I moved them to the Dell 340. Even though the Dell is only a P4 2GHz, I don't have any frame drops or audio sync issues. But the Dell does nothing else except be a DVR.