Ever better, he tells us how it's done! I have to admit, this is something I've wondered about for a couple of years, and even pondered last week. I never really looked into a solution; I just assumed there was maybe a way to create a backup image of the original machine, create a rather blank virtual machine, then re-image the VM. Event if that would work, using the VMWare Converter (which is currently in beta) sounds a lot easier.
You're beautiful, Craig! I, on the other hand, can't seem to develop the skill set to get Linux or UNIX running in a VM. The darned things never boot! :(