How to Install Mac OS X Lion 10.7 on Virtualbox 4.1?
It seems that your hardware acceleration is not enabled. So to enable hardware acceleration go to Settings -> General -> check Enable 3D Acceleration checkbox, like on this picture:
If you receive this error after checking 3D acceleration, then maybe you are using an older computer which doesn't support 3D acceleration. If you are sure that your computer is capable of running 3D then you should submit a bug ticket to VirtualBox team.