I'd use Virtual PC for your VM. You are not going to be able to image the hard drive and restore it to the VM. NT is very hardware dependent and imaging a machine was dependent upon using the same hardware, which you won't be doing. You will need to load the OS from the install CD, and install your application. Take a look at http://blogs.msdn.com/virt
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by: leewPosted on 2007-10-01 at 18:10:54ID: 19995650
NT was not QUITE as susceptible to hardware changes as subsequent versions of windows, if memory serves me. Acronis (for servers) should be able to do this, but I concede, I'm not 100% sure of how well it will work with NT4 (primarily due to age, but then again, migrating NT4 boxes to virtual machines IS a common enough practice, it might work fine.
As for what to run it on, I don't think I'd put it on an SBS box, mostly because nowadays, with Exchange, and the MSDE databases and other things running on the SBS box, memory is going to be at a premium. So while I encourage you to get and use SBS if you don't have it (and if it's otherwise A fit for your environment), I would suggest using Virtual PC or VMWare or Virtual Server on another system altogether.