Physical OSX to Virtual Machine

[Parallels User]

I want to create a VM of my physical Mac Book Pro systems install on my iMac.

What are the steps for ripping the MBP to an image and then making the image a VM?

 

[David MC]

I too have the need to do this. I have a physical server that can't be maintained on the latest hardware, so i need to virtualize it. How do i do this?