virtualbox.org

Suggested approach (untested)

1:
Release the harddisk from your master machine

2:
export that without disk

3:
import as many as you need

4:
from the commandline
cd to the directory you have your diskfile in
VBoxManage clonehd "infile_name" "outfilename" --remember
or possibly (change path as needed)
"c:\program files\sun\virtualbox\vboxmanage" clonehd "infile_name" "outfilename" --remember
repeat as needed

5:
In vbox add one diskfile to each machine

6:
check that all settings are OK (I think that bootorder might differ )

cross fingers ,pray and test it

Good luck.

jcrnjanski wrote:I would appreciate if somebody can give me clear direction if creating image from existing windows server 2003 and importing that image into guest virtual machine is possible.
Joe C.

Not possible, there are too many issues that creeps up for which you need alot of experience, if it works by following the basic guidelines you're in luck, if not you're in for a lenghty debugging process
For all good and bad guides, you are better of re-installing it as a VM.