Minimal virtualization environemnt

I'm using a virtual machine running a Windows for development purposes inside Ubuntu (I also use the Ubuntu part for my regular activities, but not both at the same time). As I need to compile on windows regularly, I want to increase the performance of the VM as much as I can. Therefore I want to use a "minimal" version of my desktop environment: if possible, I only want my VM running, in fullscreen. Is it possible to use such a minimal system? If yes, what is it, or how can I achieve this setup myself? An environment chooser on my login screen would be great, but optional.