Can a 64-bit CPU with a 32-bit host OS run a virtual machine (VM) for a 64-bit guest OS?
Yes. It all depends upon the level of virtualization.
With software virtualization it is hardly likely to work, or if it does work it may be very slow.
Hardware virtualization will need to be supported by the CPU (e.g. with Intel-VT or AMD-V) and the BIOS.