So here is the first (very early) version of 2nd-boot:
http://www.multiupload.com/Z17M0WO3SU
Before continuing please make a backup of your phone!
Installation:
Just install it via CWM.
This will place the script in your 2nd-boot and replace the "CWM-Lastest"-script so it will install into the images. BUt can still use the "CWM-Stable" option for your normal system.
I've created 3 empty 300MB ext3-images for system,data and cache so you don't have todo that. Download them here:
http://www.multiupload.com/VY3U4IXRO1
Just copy the folder "fsimages" to your sdcard.
Usage:
After installing the update-zip and copying the files to the sdcard you can reboot into bootmenu, select "Lastest Recovery" and Restore an backup.
Please DO NOT install a ROM with a zip-file. Currently this will affect your real system.
After you restored your backup into the virtual file-system you can boot them with the 2nd-boot-option in bootmenu.
I successfully installed CM7.1 and MIUI-Pikachu-Edition in the virtual filesystem.