moving old Windows XP machine to Virtual XP under Windows 7

We have TrueImage echo and I backed up the warehouse computer. This computer is used for all our shipping needs and we have 5 important software on the computer we need to have including the database and templates used. Soon, we'll have a new PC, most likely with Windows 7 Professional. I know windows 7 pro can run vitualization software provided free from microsoft that allows us to run windows xp inside Windows 7.

The current machine runs windows xp. And the image has been saved to the Workstation Backups folder on the server. My question is:

Would I be able to restore to the virtual xp if I install acronis inside it and use the virtual xp and use windows 7 for email and everything else. I assume I'd have to also install acronis universal restore option as well.

I just want to be clear if this can be done and the best way to do this.