I'd have to search for bugbytes exact method (or ask him) but IIRC it is just assigning NBB and VMware to separate spaces and using a controller to trigger the switch between the 2 spaces.
If you download the example from the SDK thread you can find a compiled module it the project that opens safari in an "embedded" window ontop of NBB. just do a "show package contents" on that module and find the launch apple script and edit it to load VM ware/iguidance instead. you will probably want to change the window dimensions in the script as well. that is all assuming something drastic hasn't changed in NBB that would break that module. If so then the example would likely have to be recompiled.