I do not run and XP virtual machine, but as you said, it is an out of the box and activated copy of Windows XP. As far as I know you will not be able to move you installed programs and get them to work in the Virtual version.
You will have access to your settings and data and can import as you would with any other new install.
You should be aware, there is a possibility the boot files needed for Win 7 are on the XP drive. Removing that drive without first reconfiguring your system might lead to an unbootable system. It is easy to do as long as you take the necessary steps.