We can use p2v or converter to convert a physical server to a virtual one but is there a way to convert a virtual machine to a physical one. i.e with vmdk can we have a physical server built.
Some third party products advertise the ability to do this but it is not part of the VMware converter. Platespin for one advertises P2V, V2P, V2V, etc.
See the whitepapers on V2P http://www.vmware.com/vmtn/resources/424
Yes you can convert a vm to physical.
1) create a ghost of your VM.
2) use your ghost image to create your physical machine.