According to the Converter manual, NT4 can only be converted using Cold Cloning - in other words the physical machine has to be powered off - page 24 in http://www.vmware.com/pdf/vsp_vcc_41_admin_guide.pdf
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A different solution could be use a 3th part imaging tool (supported by VMware Converter) and then convert the image to a VM.
use Converter 3.0.3 or P2V-assistant instead
According to the Converter 4 documentation it supports NT4 sp4 but
only cold clone
Sent from my iPhone
On Dec 6, 2009, at 4:52 PM, "michaelhannazaki" <firstname.lastname@example.org
for older versions of NT than SP6 you must do a manual import with ghost or your preferred imaging tool plus manual driver-patching.
Maybe P2V-assistant 1 did support this - I don't remember