You can do this using VMware Converter which will convert your physical machine into the VMware format which can then be run on VMware Server. Both of these products are free.

VMware Server

Begin enjoying the benefits of server virtualization with the free VMware Server. VMware Server is a hosted virtualization platform that installs like an application on any existing server hardware and partitions a physical server into multiple virtual machines. This next-generation version introduces an intuitive web-based management interface to provide a consistent management experience for Windows or Linux users.

- Provision a new server in minutes without investing in new hardware

- Simplify IT testing of patches, new applications and operating systems

- Run Windows, Linux, Solaris and Netware operating systems and applications concurrently on the same physical server

VMware Converter

Use the intuitive wizard-driven interface of VMware Converter to convert your physical machines to virtual machines. VMware Converter quickly converts Microsoft Windows based physical machines and third party image formats to VMware virtual machines. It also converts virtual machines between VMware platforms. Automate and simplify physical to virtual machine conversions as well as conversions between virtual machine formats with VMware Converter.

- Convert Microsoft Windows based physical machines and third party
image formats to VMware virtual machines

- Complete multiple conversions simultaneously with a centralized management console

- Easy to use wizards to minimize the number of steps to conversion

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