Newbie - Do I need to install XP to get this thing going?

[I_Hate_Vista]

Hi,
I bought a new laptop recently (Intel Core2 Duo T8100 running Vista64). I'm new to this whole virtual thing, and recently installed the latest version of Virtual Box 3.0, however I can't seem to get it working. The whole reason for this is I wanted to get my XP-compatible softwares up and running before jumping into Windows7 Pro -- as I was told that it will work with many XP softwares -- currently running in an older desktop PC (XP Home OEM).

Now, with VirtualBox installed in my new laptop, it keeps on giving me a "Fatal: Could not read from the boot medium! System Halted" message. Does this mean that I have to purchase/install a whole new copy of XP for it to work? I was under the impression that with Virtualization (as Windows7 has stated) that it would work with many XP programs, and if I read the FAQ correctly here, that it requires "the source" for it to host (which needed XP to be installed), now it makes no sense for me to purchase a copy of "Windows XP" AND "Windows7" if I decided to get Virtual either way.

[Sasquatch]

Please check the FAQ at the top of this forum, or follow the link in my signature. That describes what a VM is. Do some more reading into the material, and you will understand what you have to do and how it works .