You would install latest version of VMware Converter on the running 2k3.
You would need to start it via right click "run as admin" and select "this running machine"
Then select only the C: drive for the import.
Target of the import would be a Workstation VM - the VM can then be stored on a second drive.
This VM could then be used inside VMware Workstation.
P2V to HyperV is a completely different story
Thanks for the explanation. I think i'm not really used to the terminology yet. I just realised HyperV is what the competition calls their product.
What I want to do is use ESXi on the physical machine without any other OS on it. Then run the current 2k3 as VM on that ESXi. I did find an option for that in the Converter Client, but it only lets me virtualise to a _running_ESXi host, which is impossible obviously.
Then you need to convert to a Workstation destination first.
That allows to store the VM anywhere - a portable USB-drive for example.
After that is done you should check if the VM works in Workstation - if it does you can rebuild the physical machine.
Note: by installing ESXi everything on that host will be deleted !