[ubuntu] Install Windows 7 as guest OS

I currently have a multiple boot scenario that I'm thinking about switching to virtualisation. I've not found answers to my questions on line.
Existing configuration:

• SSD hosting Windows 7 and programs - I boot by selecting in BIOS

12 GB memory, Intel core i7 CPU

recovery partition on SSD [no Win7 physical media]

inteal HDD for shared data storage [NTFS]

• inteal HDD for Ubuntu [separate partition from data], test partition for other OSes - GRUB controlled

Ubuntu 14.04 LTS will replaced with 16.04 LTS after release
test partition deleted plan on installing guest OSes

• ESATA 1TB drive for backups and additional storage

My idea is install Ubuntu on SSD and run Win 7 and test linux as a guest OSes. The prime motivation is to simplify.

So here are my questions:

1) Is it possible to install Windows into a virtual environment from a self created iso image [no serial # available]?
2) If possible can Windows be maintained?
3) Can software installed be properly maintained and upgraded?
4) Will installing multiple guest OSes drastically decrease the life of SSD?
5) most appropriate virtualisation software for my situation?

And of course any advice on how to proceed will be considered!