Windows 8 What software are people using to create a virtual machine?

OK... keep us posted as to your progress.
Basically to start off, just open Hyper-V manager. If you have not configured the services to start automatically when Windows 8 starts then in the right column select "Start Service"

The first thing you need to do is in the right column, click Virtual Switch Manager and create a new external virtual switch. Give it a name and point it at the Network Interface Card you wish to use from the drop down if you have more than one (I have a second NIC installed just for VMs but it's not necessary. If you only have the one then just make sure the check box that says "All management operating system to share the network adapter" is checked.

In the left column, right click your host machine name and choose "new" -> "virtual machine".
During the process take note of where you are putting your .vhdx (virtual hard drive) as well as your virtual machine configuration files. Mine are all store in their own folders on a separate hard drive.

Give it a name, allocate memory depending on what your host machine can afford to spare. Generally I'll give 64bit VMs 4 gigs (4096 MB) leave the "Use Dynamic Memory for this virtual machine" unchecked.
Select your virtual switch that you created earlier from the drop down.
You can leave the virtual hard disk settings at default or choose to put them wherever you want it may likely default to 127 GB, don't worry about that as it will be no where near that actual size in reality but will grow dynamically.
Install an operating system later.
And Fiinish.

Now with you new virtual machine selected in Hyper-V manager.
In the right column click the settings button.
Select processor and up that value to two.
Select DVD Drive and then the radio button that says "Image file" and browse to the Windows 8.1 ISO location and select that ISO.
Click OK
Now just click "Start"
and then click "Connect"
to monitor the installation.
After you're done, catch up all the Windows Updates on the new VM.
If you notice any problems regarding mouse movements or keyboard behavior, from the tool bar in the Virtual Machine Connection choose Action-> Insert Integration Services Setup Disk. Select the prompt / notification and run it. I haven't had to do this lately as it seems to get installed if needed automatically and if it is already installed in will inform you that "This computer is already running the current version of integration services (version 6.3.9431.0)."

Then configure the new VM to accept RDP (Remote Desktop Protocol) connections, and then going forward use mstsc.exe instead of Hyper-V Connect to manage your virtual machine.