Virtualisaton is the basic task you're doing, you're making a "virtual" computer. The idea of the "cloud" is more that these virtual machines are hosted in a room somewhere far away with other virtual computers there as well.
For instance, I can install VMWare and get virtualisation going on my laptop, but I wouldn't consider that the cloud. Similar, you can get bare metal computers on the cloud which aren't virtualised.
For instance, I can install VMWare and get virtualisation going on my laptop, but I wouldn't consider that the cloud. Similar, you can get bare metal computers on the cloud which aren't virtualised.