Virtualizing Existing XP Install

[Tod]

Warning, virtualization newbie...

I've got an install of XP pro, service pack 2 on a standalone machine. 
Since I don't use it for more than a few apps I'd like to try out Linux 
virtualization with Linux being the primary O/S and windows running on a 
virtual machine.

I imagine I'll need to move the windows install maybe using parted, 
create a new partition to install linux on, get it installed, along with 
the virtualization software, and then get it to fire up windows without 
it knowing its running virtually.  I've searched around for instructions 
on doing this and really haven't found anything useful.

Is my plan valid?  I'd like to avoid re-installing XP but I will if I 
need to.  I plan on sticking with Fedora so I'd appreciate 
recommendations on virtualization software.  This is running on an old 
AMD Athlon machine so no dual processing going on.

Any pointers, tutorials, or suggestions for doing this on an existing 
Fedora machine would be appreciated too.  I have a couple of other boxes 
I might like to try virtualization on.

TIA - Tod