BootCamp and Parallels/VMWare to share the same WinXP install?

Is this possible?

I’m thinking of going to Mac OSX in not so distant future and the setup as above would prove to be very useful. For instance, I know that Windows version of VMWare allows you to use actual disk partition as its disk, but I don’t know if it can use existing installation on that partition.

I would mostly use the virtual machine, except when I would want to play a game or two. Seems crazy to maintain separate WinXP install just for that (not to mention 2 licenses).

[update, Dec 2nd ‘06] Oh baby, the wish above is one step closer to fruition.