If I were to need to do this, I would follow what is suggested in the "Forward data to third-party systems" documentation article at http://docs.splunk.com/Documentation/Splunk/6.0/Forwarding/Forwarddatatothird-partysystemsd. If the data source is not in CEF format, then you might consider using the Splunk App for CEF ( https://splunkbase.splunk.com/app/1847/ ) and use outputs.conf to define how to get this data sent to ArcSight.
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I've not used Hyper-V, but have run Splunk under VMware. Splunk used to discourage virtual environments, but now they warn about performance degradation. See Deploying Splunk Enterprise Inside Virtual Environments for details.
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