I'd like to convert a physical machine to a virtual. Its an SBS2008 server. The catch is I have just the one server hardware to use. Is it possible to create VHDs for the system drive as well as a volume on the RAID drive saving the images to a network share, reformat the server and install hyper-v then bring the images in as part of the guest OS?
EDIT: Many answers have also asked why. These are my goals:
One goal is to get more than one server going, so that I can leave the SBS as it is, and install other services on a non-sbs running server. Also, I think it would make migration to sbs2011 easier, since I can install that into a clean virtual and migrate, then shut down the sbs2008 server (while leaving the services on the second server alone). In short, I think running virtuals will give me more options... one long term one includes moving to new hardware. I imagine it'd be easier to move to new hardware if you just transfer virtuals.
I'm currently running this out of my home office, so space is at a premium, and since I'm very small, price is as well. That's why only one server, and why when I do get a new server it'd be a replacement. However as my business grows I'd like to make it as easy as possible to expand out, and it seems like virtuals are a great way to make transitions easier.
Another goal is that I'm looking to have the option to run multiple servers (many are servers I'll setup to mimic client environments, but most of those won't be running until I'm actively doing development. I'll stop and start as needed).
I appreciate all the answers, and someone telling me this is a bad idea is fine as well. A virtual SBS2008 IS a supported MS configuration though, I've found documents telling you how to acomplish just that. Sadly I didn't come across these until recently, while I built the server a few years ago.