Based on my experience it depends on many factors.
Which OS, what application you are running or just what kind of read/write operations happened.
I would assume that your VM will crash.
that depends on the OS, some OS'es will have the volume go read-only, some will crash, some will give you BSOD. So the result varies, but essentially is the same: the VM/App is pretty much useless as it is unavailable or it can't write to disk.