Thanks so much! Yes, this is the full Windows installation. You will need a license and such. I have updated Windows in the past and it worked. However I can not guarantee that this will work in all cases in future updates of course.

As for your other question: While bootcamp can be mounted in VM-Ware when installed the “normal” way aka on an internal disk, I did not manage to get it running that way from an external drive. Let me know if you try and succeed.