Is it possible to configure a single wireless adapter act as both an Access Point (for one SSID) and a station attempting to connect to another Access point (with a different SSID)? I see that when configuring a wireless adapter you must choose AP or station, and there is no way to select both. Additionally, a virtual interface can be created and associated with a real interface, but there is no ability to select a different type (AP or Station) for the virtual device. Am i missing something? Or is this not possible?

That is not possible. You can choose just one RF mode. Your wireless card will work as an AP or as a Station but not both at the same time.