If you don't mind using hardware virtualisation, there is a course (book + lectures + software) that will take you 'From Nand to Tetris'. You create a full computer system entirely yourself from the (for these purposes atomic, and given) electrical NAND gate, right through to building the OS, a language, and finally coding a simple game on your personal machine.
I think it's a great idea and something I fully intend to get stuck into soon. The book is surprisingly cheap and I believe the course is taught at MIT. I can imagine no greater feeling than having the full, complete knowledge of an entire system you built yourself from the ground up.
Link: http://www1.idc.ac.il/tecs/