What is the MS License requirements when creating a P2V?

Using VMWare Converter to create a VM from a physical XP Pro laptop.  Created the VM to test Trial Download of VMWare Fusion for new MacBook Pro.  This was not an "Install" of XP Pro into a newly created VM in Fusion (on the Mac), but simply an attempt to run converted (P2V) in Fusion.  Cannot get beyond Windows XP Pro validation screen in VM to test product.  Any clarification on the license issue or is it the same as "new" install, because it is essentially a different machine (virtual)?  
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one xp lic per instance

one 2003 server standard lic per instance

one 2003 server ent per cpu = 4 instances

one 2003 server data center lic per cpu = unlimited xp/server instances
Here is your issue, let's say you are using Windows XP Pro OEM (likely unless your company purchased it "open license').  I believe the EULA in OEM versions states that the license is not transferable.  If you bought the copy of XP from a store it will be retail and would probably be safe to transfer it to a VM.  If it is Open License, Select, etc then you should be good to go as long as you do not have the installation in place on another machine or in another VM.  One license per installation.  
Now, let's say you are putting it on Windows Server 2003 Datacenter, as you can see above you get unlimited guests, you might be ok...but then again, maybe not if your copy is OEM.  

Here is a link to similar info: http://blogs.msdn.com/virtual_pc_guy/archive/2007/04/09/handy-tip-for-vista-virtual-machines.aspx

"Per your OEM license, you are not allowed to install the OS on anything but the original hardware.  A VM is not the original hardware."

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Oops, I forgot all about OEM... The above is correct. You cannot move an OEM lic to a VM according to Microsoft Licensing.
progearAuthor Commented:
Thanks...I now have a better understanding of OS licensing and VM, and now know that I need a retail license (at minimum) to run VMWare on my MacBook Pro.
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