|It has been done. I suspect it won't be worth your trouble.|
Main problem is the way the XP was installed. If OEM then it is tied to hardware.
There are a few ways to convet it and run it as a VM but we go back to not worth the time and trouble (since you asked).
"Best Practices", Event viewer, host file, perfmon, antivirus, anti-spyware, Live CD's, backups, are in my top 10