Yes. In VirtualBox, the required feature is called raw hard disk access. I have done the reverse.
The potential problem is that the OS must be able to boot on the other hardware, and "be OK" with it. The first problem has to do with drivers. The VM's virtualized hardware is different than the actual hardware. Depending on the OS and how it is installed, when it is booted on the actual hardware, the drivers for them will be missing; or perhaps worse, the drivers that worked for the virtual hardware seem close enough, but don't actually work. So the OS will have to go through a round of detecting the new hardware and swapping all the drivers. Sometimes this works fine and sometimes it doesn't.
The second issue is mostly a Windows Activation thing. If it was activated on the virtual hardware, you'd have to re-activate on the new hardware. Depending on which SKU you installed, this may not be allowed, or require calling Microsoft to plead your case.