*off topic*
I'm sure there are ways using Acronis, but I've recently used this method:
Within the Windows you are capturing, run
Disk2vhd (free). It creates a virtual hard drive image of the OS (in Virtual PC format). I then used
WinImage ($30, but there is a trial) to convert it from VHD format to VMDK (VM disk) and used VMWare to boot from that - it worked straight out of the box. Oddly, the original Virtual PC image didn't boot, but the VM conversion of it did... used this method on a couple of servers (even using various RAID arrays) to test a migration... if it works with that hardware on Server 2003 and 2008, you'll have to be really unlucky for it not to work on XP!
The only negative is that you'll have to reactivate the OS when in the VM due to the obvious change of "hardware".