Just for the record, WMware is a virtualization software, a VM or Virtual Machine is the actual appliance...
You can choose from 3 options (by now, unless I'm mistaken) Microsoft Virtual PC, VMware Player (or Workstation if you are for purchasing the full product) or VirtualBox, this last is the one I use too... although I'm waiting for parallel port support (for some legacy hardware I have) but is my primary soft for virtualization on my laptop.
If you are for testing only software and stuff not too specific, VirtualBox is just perfect, if you need something like in my case (for my desktop, I need parallel port support), then you can use VMware Player, I recommend version 4.0.3, it's fast, and has a clean instalation. (It installs some extra services, but they are uninstalled if you eventually don't need VMvare anymore, as well as the rest of devices it installs, also solves some problesm with autoplay settings in Windows 7 that were overriden by older versions) Also, if you need to install any Vista/7 based OS, Aero is fully working in there.
See ya!!!