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I think you may be confused. Raspbian is an operating system (Debian optimized for the Raspberry Pi), whereas XBMC is an application. So the answer is, most likely, no. I’d be surprised if you could open an OS like Raspbian as a virtual environment on a Raspberry Pi.

In fact, RetroPie uses Raspbian as the base OS, and then adds on applications and tweaks from there. So, RetroPie is built inside of Raspbian.

Think of Raspbian as Windows or OSX, and RetroPie as a program running on that OS, like Firefox, Photoshop, or VLC. You can’t open Windows from inside of Photoshop, just like you can’t run Raspbian from inside RetroPie.