Lots of info- some okay - some not okay.

Paul3200 - you must install an OS - and since the Virtual PC cannot access
applications of the host - they must also be installed. Keep in mind that
USB ports are not available in Virtual PC.

Windows Virtual PC 2007 (Beta) - (The term "Windows" separates the two
versions) - is specifically designed for Windows 7 and provides USB support
and ability to run applications from the 7 desktop and the virtual
desktop. Also designed to utilize XP mode - a pre-activated version of XP.
However Windows Virtual PC 2007 requires
virtualization processor and BIOS capability