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Creating and using a virtual machine file

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I have attempted to use this software to create a VMWare virtualization file of a Windows XP acronis backup file. it creates the file successfully.

However when I try to open it using the VMWare player (from VMware) I get the following error:
Error while powering on: The virtual machine configuration is read-only.
The virtual machine failed to start because the legacy configuration is no longer supported. Upgrade the virtual machine or retry the operation on a compatible product.

I am running Windows 8.1 and the latest VMware player. the vmware virtual machine file resides locally on its hard drive.

Is there something else I need to do to get this to work?

Thanks.

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not going to work because as you found out it's outdated. VMware Converter; to a supported type is a possibility, low probability though. you can, however, restore the image to a virtual machine using universal restore.

Not sure I understand you. First, what is outdated? The Acronis image of the XP system was just done today. The VMWare player is new. The original XP hard drive is installed in the same machine as the Windows 8.1 hard drive, so it is all the original hardware.

Also what is VMware converter? Isn't that what the Acronis software is doing when you restore an image as a virtual machine file?