SB server 2008 hard drive failing

Hello,

I have a dedicated old small business server 2008 that is mission critical and I believe the hard drive is about to fail. disk read and queue errors. it is also saying the drive is full although the readout in disk manager is saying i have over a GB of free space. I do have bare metal backup.

I have a new server 2012 r2 standard that is running in esxi6.0 but the mission critical software application on sbserver 2008 is not compatible with 2012.

server 2012 r2 is consuming the entire datastore in vmware and I do not have phyical access for a day to add an iscsi in wmare.

Is it possible to safely shrink the datastore dedicated to server 2012 so build a new vm for server 2008?

If not, is it possible to install virtualbox on the server 2012 and migrate the old sb server 2008 to the virtualbox vm using a bare metal backup?

Thanks