Get a copy of Virtual Box, or VM Ware Workstation, and set up a virtual machine. If you need help in setting up a VM go to the "Tutorials" Section here on the Forums; some great information there on setting up VMs.
Also since you are using the Ultimate version you can download and install the Win 7 version of Microsoft Virtual PC along with XPM (XP Mode). Again the Tutorials section will give you some great info on the subject. Good Luck.
Also, Welcome to the "Seven Forums."