Shrine is right at home in QEMU. (In fact, for many years QEMU was needed to build Shrine itself!)
First, you should create a virtual disk (you can adjust the size to your preference):
qemu-img create -f qcow2 Shrine.HDD 2G
Then, to boot the Live CD and install to the disk:
qemu-system-x86_64 \ -cdrom Shrine.ISO -boot d \ -drive format=qcow2,file=Shrine.HDD \ -machine kernel_irqchip=off \ -smp cores=4 \ -m 2048 \ -rtc base=localtime \ -soundhw pcspk \ -netdev user,id=u1 -device pcnet,netdev=u1
Follow the on-screen instructions. When the installer finishes and prompts for a reboot,
simply close the VM and restart it by repeating the previous command, omitting the
-cdrom Shrine.ISO -boot d.