One of the great tools from VM software companies allows you to make a VM from a physical machine. This has saved me many times. One memorable occasion came when I had a system with a failing hard disk. Not only was the hard disk failing - there was no way I could get the software installed and configured again! This was because many of the installation media were no longer around or available and the configuration settings were not all documented.
To the rescue came VMWare Converter and Parallels Transporter Both of these products are stand-alone applications that create a VM for their respective VM software. I created a VM successfully using each product.
Now once you have created a VM and you first start that VM several steps may occur. New hardware will most likely be detected, since the VM will not always have the exact virtual hardware that existed on the physical system. But there is almost always an equivalent - for example the graphics or network card may be different but a suitable virtual driver will be presented. This step usually requires a reboot.
Next, depending upon the OS, you may have your OS present an activation window. In my case I was creating a VM from a physical Windows 2003 Standard Server. I then entered my activation code that was originally used to activate that software. (And the physical server would be wiped-clean and scavenged for parts once the VM was up OK.)
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If you were to copy the VM to another computer and attempt to start it up there, you would be presented with a dialog to select whether you moved or copied the VM. If you select move the VM will keep all of its settings - such as computer name, MAC, and it would usually not require an OS reactivation and other software should be OK too. If you select copy your VM would end up with a new MAC, you should change the computer name, and you may have to reactivate the OS and possibly other software.
