Migrating Windows XP install

I'd like to get any pointers on an efficient way to move an XP 32 bit environment to a Windows 7 machine. I'm waiting on hardware components and a copy of Windows 7 Professional 64 bit OEM version to build a new system. At some point I want to wipe the XP install from the existing system and use it for something else. I have been using Norton ghost to do backups on the existing 32 bit XP system.

I haven't used or seen a Windows 7 system at this point.
I was wondering if I could restore my existing environment into a XP mode image. Then only need to do native Windows 7 installs of those progams used most often or which need the best performance.

Is it feasible to create additional drives on the virtual disk and to then restore the XP Ghost image into the XP mode install to restore the registry and get to a mostly functional version of my existing XPsp3 install?

Thanks
Tom

Hello Ken,

I've been looking around the forum and getting a better idea of what is available. I have run the disk2vhd program a couple of time on the XP box. I'll give one or more of the approaches that were recommended a try.

Thanks for the reply.
Tom