Of course that could happen. Almost any team could beat any team on a given day. Thats why its so hard to win it all. Match ups, and you have to play your best each game. However, you keep getting there every year, its going to happen soon enough!
VU has as good a shot as any team at making the Final 4 because they are in that group of 10 good teams. There are no great teams but VU is right there with any other team.
my thinking is that they won't because that's generally what happens to Jay Wright teams historically. If you are looking for the one seed to lose to an 8 or a 4/5 this is the most likey