Can I make a virtual machine out of a Windows XP physical machine?

I would like to switch to Linux, but I need some stuff on my Windows XP install. I know that VMWare Workstation can convert a physical machine into a virtual machine, but it's $189. :-/

Are there any more cost-effective options? I don't mind paying a bit for it. I just am not willing to part with $189 for it.

You can use the Vmware P2V - http://www.vmware.com/products/converter/overview.html , then the free VM player

http://www.vmware.com/download/player/

Some other VM software also supports the VMWare images.

Virtual Box is free, and the latest version has full support for accelerated 3D graphics.

There is a forum post about creating a VDI image from an existing Win XP system here: http://forums.virtualbox.org/viewtopic.php?t=1404