公式のトップページぐらい読んどけ。

>Hardware virtualization
>
>To cooperatively share hardware with the host operating system,
>coLinux does not access I/O devices directly.
>Instead, it interfaces with emulated devices provided by the coLinux
>drivers in the host OS.
>For example, a regular file in Windows can be used as a block device
>in coLinux. All real hardware interrupts are transparently forwarded
>to the host OS, so this way the host OS's control of the real
>hardware is not being disturbed and thus it continues to run smoothly.