Yes you can. (I do this with an Ipod Touch, not Iphone)
However, I last tried this in the Beta, and since RC, I use VMWare Workstation.
The only problem I had was the pass through of USB wasn't flawless - each time I plugged in the Ipod, it detected 4 new unknown devices on the host and it was annoying, but when I launched Itunes, it did find the Ipod and work fine... I am hoping that this was a beta issue.
As for contact sync (I tried contact and calendar), I haven't found a good way, I messed around for a while but just thought in the end the best way was to install Outlook inside the virtual machine and simply export from host and import in to VM.
... (Not helpful, but in addition, I can 100% guarantee that it works with VMWare Workstation.)