If i do this, will I have to reinstall all the windows programs/settings [...]
Nope.
You have 2 ways to handle BootCamp with Fusion. You can 'import' it, which makes a complete copy and saves it in your Mac's Documents folder like a 'normal' virtual machine.
You can also 'Play' the BootCamp VM without converting anything. When you fire up Fusion it should detect it and let you 'play' it. You will need to let it install VMware Tools and reboot itself to get all the proper drivers installed. You may also have to re-activate Windows once due to the new virtual hardware ID.
-
Michael Roy - Product Marketing Engineer: VCF