In contrast to processors, current reconfigurable devices totally lack programming models that would allow for device independent compilation and forward compatibility. The key to overcome this limitation is hardware virtualization. In this paper, we resort to a macro-pipelined execution model to achieve hardware virtualization for data streaming applications. As a hardware implementation we present a hybrid multi-context architecture that attaches a coarse-grained reconfigurable array to a host CPU. A co-simulation framework enables cycle-accurate simulation of the complete architecture. As a case study we map an FIR filter to our virtualized hardware model and evaluate different designs. We discuss the impact of the number of contexts and the feature of context state on the speedup and the CPU load.