I've had the same thought...deploy a virtual machine to run iCam on. However, there would be at least a couple of problems that I can think of:
1) icamsource.exe is pretty processor-intensive...especially as more cameras are added. I would think it'd be pretty expensive to rent virtual machines for this purpose. Also, a netbook probably wouldn't have the necessary processing power for more than one or 2 cameras. Virtual machines are usually much more robust than a netbook, though. If motion events are saved, I would think you'd need a unique VM user account for each iCam user using the service for security reasons.
2) The proposed setup would only work with IP cameras, and not USB cameras.
3) Having the icamsource computer offsite would result in an additional "hop" as far as the network connection goes between your phone and your cameras...most likely slowing down the video feed and introducing more complexity/less reliability.
