Yeah, it's still not working. AROS does register when I mount the USB in VB, and I can start the installation, but it still time's out after a certain point where it "freezes" for a few minutes and then produces and error.
"after a certain" point is pretty vague at best

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One of the major advantages with a VM installation is that you are able to take screenshots of every step that you have taken.
Were you able to configure things like the size of your boot partition and work partition ? Did you opt for creating a work partition at all ? What are the sizes that you've allocate for those partitions, or did you just went for a single partition covering the whole pendrive ? How big is your pendrive ?
There can so many things go wrong there, even without taking into consideration that Paolone could have made an error somewhere in one of his scripts.
And, this was even with the "barebones" Icaros installation, after I restarted my entire computer after each action (First for wiping the thumbdrive in Windows, then after creating the SFS partition in VB), and after I unplugged all my USB devices aside from my keyboard and mouse.
Yes, tedious i know. But once you got things working then you can start thinking about cutting corners and throwing out the manual.
fwiw: a complete nightly install on a pendrive usually takes me about 10 minutes.
Just something to take into consideration as well: i once had AROS installed on a pendrive that for some obscure reason seems to have so many cache that when AROS was done installing, the pendrive was still flushing its writes 10 minutes after the installation was finished. The only reason i noticed it is because that particular pendrive has a little light that flashes when it writes to it. Guess what happens if i took out the pendrive at that point or did a reboot of the machine (be it virtual or native). Note however that very few pendrives suffer from this but it was just my luck back then. Very scary situation when having to do multiple reboots during intallation.
Oh well. Given what I have, what can I do with the ABIv1 build that I burned to a disc (Since it's the only build of AROS that I can actually load) that would help solve the overall problem, or figure out why this problem is happening? Or, should I just install the nightly and call it a day?
Well, if you wish to enjoy icaros then you are stuck with v0. So that would require you to install a v0 nightly and then manually installing Icaros on top of that. That is a tedious job.
For testing purposes, yes go ahead.
If you are able to boot up AROS (any distribution or nightly whatsoever) then you can start investigating what hardware is supported/recognized. Learn about your hardware and inform about your configuration. So please boot it up, use PCI tool to discover your hardware and see if you are able to get sound and networking setup correctly. That way you are able to see how compatible AROS is with your hardware.
Perhaps the provided information is able to shed a light on why exactly a ABIv0 is unable to boot for you.
If you believe that it is satisfactory enough you could start thinking about installing (ic)AROS permanently on your internal HD, provided that we are able to discover what the culprit is (and are able to find a workaround that works for you).