The latest/last version of Palm Desktop I know of is v 6.2.2. I could not get that to install using ODIN.
It does install in a WinXP vitual machine running vbox. However I could not get HotSync to run on that system. Plus there is the problem of having to keep the WinXP/VM running in order for Palm Desktop alarms to work. It MIGHT be possible to sync via a wireless network with that setup, but I have not tried.
I do use a Palm T|X and the Palm Desktop. The setup I am using is an HP t610 thin client running Windows XP embedded. I needed a machine running 24/7 for my home automation and phone systems anyway, so it made sense to also install the Palm Desktop on this machine. The HP machine was cheap ($35), fanless, and uses a little less than 14 watts at idle. Palm Desktop v 6.2.2 will run on Win7 if you want to use a separate machine but run Win7 instead of WinXP.
If I want to access the Palm Desktop from OS/2 I start the VNC server on the HP and using PM VNC client on my OS/2 machine. But most of the time I leave the HP network cable unplugged, wireless disabled, and use a KVM to access the HP thin client - because one of the things I use the Palm Desktop for is a password manager; hackers can't steal the passwords from a machine they can't access.
Another alternative is one I used to use: install Palm on both OS/2 (in this case WinXP running in Vbox on OS/2) and on a windows machine that will be used only for Hot Syncing. Point the Windows machine to a drive on OS/2 where the Palm Desktop is installed. Fire up the Windows machine when you want to do a Hot Sync. Since both machines (OS/2 and Windows) are sharing the same Palm files the Hot Sync will update the Palm Desktop running on WinXP / vbox or in ODIN if you are using a earlier version of Palm Desktop and an earlier handheld.)
FWIW I sometimes experience Hotsync stop working due to issues with the contacts between the handheld and the cradle. A little WD-40 on both the handheld and cable always fixes the problem.