Bitlocker with Boot Camp?

Yes  but you might not be able to upgrade to anything higher than Snow Leopard because of the extra partition Lion/ML sets up.

IMO you would be better off using Parallels, VMWare or VirtualBox. But if you really want to the steps are bellow (I can't get details right now):

Quote:

Add a 200MB FAT32 partition in Disk Utility Add a second FAT32 partition for Windows in Disk Utility Restart into Windows Setup Open diskpart in a Command Prompt Re-Format the 200MB partition as FAT32 and Mark it Active Format the your main Windows Partition as NTFS Quit the Command Prompt and go through Windows Setup

Note: 200MB in Snow Leopard is not 200MB in Windows, in Disk Utility choose 209.80MB (thats a little more than 200MB in Windows).