Convert Windows XP x32 physical machine to guest virtual machine [duplicate]

Solution 1:

Should this work?

Yes, of course.

Will I need to activate XP on the virtual machine?

Yes, you will.

Will 1 GB be enough to run the virtual machine (16 GB available on host)?

Only you will be able to decide based on programs you use. Windows XP will run fine on 1GB.

Are there any other pitfalls of which I need to be aware?

As you don't change your old system, just try. There shouldn't be any problems, but if so, all you lost are some cpu cycles and disk I/O.

Also think about using Virtual Box which is also free but in more active development.