No, but you can if you use Virtual Server instead of VPC.

VPC does not operate as a headless VM server.  VMware does, though
(VMware Server is free).  VPC is more oriented to end users wanting to
directly interact with a VM rather than a server that runs virtualized
hosts to which you would connect.  If you only want resources consumed
when you are *using* a VM, VPC is good for that.  If you want headless
operation of VMs then VMWare is better.  VMWare Server will continue
to consume resources (35MB RAM, 22MB pagefile) even when you don't
have it headlessly running any VMs due to its services that are always
running.  It is, after all, designed to be a VM server rather than a
VM GUI.  However, I have a .bat file that will start the VMWare
services, run VMWare, and then stop the VMWare services to eliminate
that load when I don't have VMs running but it does mean taking longer
to start a VM because I have to also start VMWare.  35MB isn't much
for me to worry about so I now just leave VMWare Server running all
the time even when it has no VMs loaded.

I have both VPC and VMWare Server installed.  VMWare has 1 snapshot to
let me easily revert to a baseline state for a VM.  You can do
something similar by copying the folder for the VM under VPC to copy
it back after modifying or playing with that VM: obviously more manual
but doable.  VMWare also supports USB devices.  However, I continue
use VPC so I can play and learn using the product trials from
Microsoft's VHD catalog.  I have tried using VMWare's converter to
play Microsoft's VHDs under VMWare but the results have been fraught
with incompatibilities or manual fixes.

You might want to use both to handle how you may differently want to
use a VM.  Virtual Server 2005 is, I believe, more like VMWare Server
to provide for headless management of VMs.