Is there a way to use a HASP dongle (Aladdin) in a kvm virtual machine (guest) running Windows 7 professional with Ubuntu 10.04 or 10.10 as host?
You have a couple of different options to get USB into KVM. KVM does allow for you to map a USB port into the VM. There is a basic tutorial here. You will need to try this out, I have never had much success for non hard drives keyboards and mice.
Your other solution is using usb over ethernet. You install a driver on another machine (server) where you will install the dongel, and then on the KVM VM (client) install a driver as well. There are many companies that do this, and I have had good success with several. (Especially with printer / scanner boxes) I have used dedicated hardware by digi in a VMWare environment and had no problems. This is nice in that you don't need to have another machine turned on etc.
For software there are several options. Most have a try and then buy model. I would try out eltima as they specifically list Ubuntu and windows-7 as tested.