Vista - P2V migration when physical server has fiber connection to SAN

We have a server with an internal fiber card connecting to a SAN (through a
fiber switch, I believe). I'm looking to virtualize it via a P2V tool.

My question is, what happens to the disk relationships during this
conversion? The physical server has a certain amount of SAN space allocated
to it somehow (I'm no storage expert), and it 'sees' that drive as drive E.
The system drive is C, as normal. I still want to allow the virtual server to
access space on the SAN, but of course I'm going to store the entire virtual
server (system drive and files) on the SAN itself.

I just can't wrap my head around this yet. I've deployed a virtual server
before, but haven't done P2V migration. I think it would be straightforward
if everything were on a single disk, but this 2-disk scenario is what's
confusing me.