@ Nodens:
This is not correct, VT-x is sufficient to run VMs under VMWare Workstation/vSphere/ESX, Hyper-V, KVM etc. VT-d is required to be able to passthrough entire PCIe devices to VMs (without emulation). This functionality (called in other words IOMMU) is supported only on certain hypervisors, on their latest releases, and makes sense only in very high performance production environments. Lack of VT-d does not block virtualization possibility.
@ stellar:
This however does not answer your question why Hyper-V does not want to run on Q8400 (it should, since Q8400 supports VT-x). The most common issue is that VT-x support must be enabled in BIOS, in most cases it is disabled by default. In BIOS look for CPU setting such as "VT-x" or "Hardware Assisted Virtualization", set it to enabled and you should be fine.
If there is no such option, then try to update to latest BIOS. If the option is still not there, then your BIOS does not support enabling VT-x (it happens on old motherboards) and you will only be able to run limited set of virtualization technologies. Probably only older hypervisors revisions with limited feature set - check documentation of your hypervisor: what is possible with VT-x, what is not possible without VT-x, is VT-x required, etc. I know for example that MS Virtual PC with Windows XP Mode, run on Windows 7 Professional/Ultimate does not require VT-x to be enabled.