VMware Converter: Turn your computer into a virtual machine
So you want to upgrade to Vista or Linux but still have your old Windows install--the whole thing, apps, settings and all--available? That's just one of the scenarios in which VMware Converter could be extremely useful. It's a free beta app from VMware that makes it supremely easy to take your current system and turn it into a virtual machine. This is a task that in the past was possible but laborious. In addition to creating physical machines to virtual ones, VMware Converter knows a couple other tricks, like converting virtual machines to a newer version of VMware and converting images from other software like Microsoft Virtual PC.
In related news, LiveCD aficionados should check out this LiveCD Player Virtual Machine from vmwarez.com, which lets you create a virtual machine for VMware from any LiveCD ISO with just one click.