Sorry if this has been covered, but could not find it. I recently installed XP Pro with SP2. When I have Windows check for updates, there is a list of some two dozen files to download. Is it important to do this? I mainly use it for creating maps for my Garmin iQue (though I am not yet able to download them). I occasionally use Explorer to download some update files from the publishers' (e.g. Garmin, Epson) websites.
If you use the internet from your VM, then yes it is important to update XP. The updates address a raft of security issues and are issued at least monthly. A fresh install of XP SP2 usually requires dozens of updated files in two or three sessions. Without the security updates, you risk catching something nasty in your VM and whilst I haven't heard of it happening, that might compromise your host.