Can a VMWare Server 2.0 virtual machine be "unvirtualized" to physical hardware?
This VMware guide on virtual to physical machine migrations should be a good start, though it looks like you're required to use 3rd party tools like Sysprep and Symantec Ghost.
PlateSpin makes a commercial tool called PowerConvert that does both Physical-to-Virtual and Virtual-to-Physical conversions.
VMWare offers some documentation on the subject here: http://www.vmware.com/support/v2p/index.html