You're describing P2V which is common but it requires some skill particularly skills in troubleshooting boot problems since your legacy system was installed on particular hardware with particular drivers.
It is advised to have a Windows 7 Setup disk iso mounted in your VM as a bootable CD to perform a repair install of your VHD after you've captured a virtual hard drive since the HAL.DLL can halt the boot process and reinstalling in repair mode while in VM solves this problem.
After you solve HAL.dll (if you have the HAL.dll) issue, be prepared to boot into Safe Mode initially and start carving out un-necessary hardware drivers or applications since those devices and other parts of applications might not be present in your virtual machine hypervisor.
You'll find P2V rewarding and valuable, the experience you'll glean from this initial conversion might turn you into a P2V Warrior.