Hardly anything is involved as most of the capability is now built in to the standard binary install package!
Now when you launch Calibre in the standard way it will actually be running from the downloaded source.
Notes:- A VMWare applicance is not possible as one cannot distirbute VM's containing Windows without breaking copyright
- The above assumes that you want to work at the Python level in Calibre. Rather more is involved if you wanted to compile the (few) bits of calibre that are written in C from source, but that should not be required for the vast majority of Calibre related development.
The Linux VM you mention is how you would have developed under older releases of Calibre. It is no longer required as you can basically follow the same procedure as for Windows with minor mods to the process to take into account OS differences.