Backing up Vista 32bit as Virtual Machine

I will be installing Vista Busieness 64bit on a system with Vista Home Premium 32bit currently installed. I want to convert the current install into a virtual machine (using VMware converter) so I can fallback to that environment from time to time after I install Vista 64bit.

Is there anything I should be aware of? I am not 100% clear if I am actually allowed to migrate this install into a VM with the current license agreement.

-geoff

I'm not 100% clear on the license either.

What I don't see after researching the program is support for vista in the first place:

From the website:
VMware Converter can run on Windows XP, Windows Server 2003, Windows 2000, Windows NT 4 (SP4 +) and 64-bit versions of Windows XP and Windows Server 2003.

I got this from the Official Vista License agreement:

4. USE WITH VIRTUALIZATION TECHNOLOGIES. You may not use the software installed on the
licensed device within a virtual (or otherwise emulated) hardware system.

Check it out here: http://download.microsoft.com/docume...9cf5105718.pdf

Backing up Vista onto a Virtual Machine would be in violation of the license agreement:

This is straight from the license for Vista:
4. USE WITH VIRTUALIZATION TECHNOLOGIES. You may not use the software installed on the
licensed device within a virtual (or otherwise emulated) hardware system.

But you can with Ultimate: (to a degree)

6. USE WITH VIRTUALIZATION TECHNOLOGIES. You may use the software installed on the
licensed device within a virtual (or otherwise emulated) hardware system on the licensed device. If
you do so, you may not play or access content or use applications protected by any Microsoft digital,
information or enterprise rights management technology or other Microsoft rights management
services or use BitLocker. We advise against playing or accessing content or using applications
protected by other digital, information or enterprise rights management technology or other rights
management services or using full volume disk drive encryption.