XP Acronis image for virtualization in Windows 7 on same machine ?

Hello,
Is it possible to produce a "virtual" image of a XP system with True Image (VMWare or Virtualbox preferred), to be used on the SAME system under Windows 7.
This is because I'm moving to Windows 7 environment and don't want to lose some functionalities of my XP system and keep it running. I have actually a dual boot but thus I'm obliged to switch and chose between W7 or XP.
Which Acronis products should I use (True Image + power pack) ?
Thank you for your support,
CS