I have tried this one a number of dell boxes and haven't gotten it to work. In researching it seems that it doesn't always work. What hardware do you have?
If you're having issues doing P2V directly from vmware converter you may download Symantec Backup Exec System Recovery Server. Install on physical server and make an image. Use vmware converter to convert from physical to virtual.
If you're using OEM Server licensing such as Dell you'll need to repair the OS with a retail or Volume License version fo the OS since it will be looking for a vendor signature that is no longer there.