"The copy protection mechanism in VirtualRiscPC works like this: Once installed onto a computer, VirtualRiscPC requires an unlock code to run."
"seeing as 29 percent of software in Britain is believed to have been pirated, totaling £1 billion in lost revenue"
First of all, you lose credibility by quoting statistics from BSA - an organisation which advocates draconian measures and racketeering (raids, seizures, speculative court orders), and which is more or less allied with other interests (MPAA, RIAA) who advocate an erosion of consumer rights. Moreover, £1 billion is most likely an artificial figure plucked out of thin air and inflated with statistics related to the legitimate distribution of open source software. (Searching for "BSA draconian" on Google provides such information surprisingly readily.)
Secondly, the term piracy is inappropriate although widely misused. I'm against licence violation through the unauthorised redistribution of software, but such activities are not piracy in the proper sense of the word.