I am sure there is more than one way. However, I would suggest using VMwares
P2V assistant to create a virtual machine image of your system and then run
it as a Virtual machine on VMware's ESX platform.
I use this for my customer's project server 2k3 as it provides an
unprecedented level of flexibility as well as virtuallly instant system
backup.
Feel free to contact me via e-mail if you have quick and specific question.
Raymond
(e-mail address removed)