Where is the best place to purchase OS/2 Warp 3?
There are enough resellers that still have packages listed. Originally most of the Warp 3 products were withdrawn in 1999. But it should not be impossible nowadays.
If you could specify your Warp 3 product (and NLS version) I can look for a package. There have been a lot of different packages:
*Warp 3, Warp 3 with Win-OS/2 (both in Floppy and CD-ROM versions)
*Warp Connect, Warp Connect with Win OS/2
*Warp Server Version 4, Warp Server Advanced Version 4
What are the minimum hardware requirements?
For Warp 3 any IBM compatible PC with at least a 386 processor, 8 MB RAM, 3,5"-floppy, CD-ROM drive and Harddisk should be enough. The last supported mobile devices were IBM ThinkPad 770. So everything up to Pentium MMX or AMD K6 class machines will work without trouble.
Can Warp run in a Virtual Machine, like Parallels for Mac?
Yes, of course. But Parallels supported guest OS start with OS/2 Warp 4. The reason for this is the shipped audio device driver which is included in their ISO image of guest integration stuff. By applying later fixpaks to the base operating system it could be made possible under Warp 3. Not straightforward and time-consuming for the uninitiated.
With Warp 4 product everything is much more simple. And as Dave already noted, it allows to raise the base operating system level (4.50) comparable to Warp Server for e-business (without LVM and SMP features) by applying the latest available fixpaks. It should be possible to acquire a used Warp 4 package for $50-60.