Multi-Input Multi-Output (MIMO) techniques can be used to increase the data rate for a given bit error rate (BER) and transmission power. Due to the small form factor, energy and processing constraints of wireless sensor nodes, a cooperative Virtual MIMO as opposed to True MIMO system architecture is considered more feasible for wireless sensor network (WSN) applications. Virtual MIMO with Vertical-Bell Labs Layered Space-Time (V-BLAST) multiplexing architecture has been recently established to enhance WSN performance. In this paper, we further investigate the impact of different modulation techniques, and analyze for the first time, the performance of a cooperative Virtual MIMO system based on V-BLAST architecture with multi-carrier modulation techniques. Through analytical models and simulations using real hardware and environment settings, both communication and processing energy consumptions, BER, spectral efficiency, and total time delay of multiple cooperative nodes each with single antenna are evaluated. The results show that cooperative Virtual-MIMO with Binary Phase Shift Keying-Wavelet based Orthogonal Frequency Division Multiplexing (BPSK-WOFDM) modulation is a promising solution for future high data-rate and energy-efficient WSNs.