Varies with each VM. No one can answer your question until you reveal which VM system you are moving to.
I'm thinking of wiping my hard drives to switch over to Linux Ubuntu then using virtualization to reload XP. I heard that virtualization software allows me to allocate resources to whichever OS as I see fit. My question is, however, how does allocating hard drive space work? For instance, when I had this as a dual boot configuration, I simply partitioned my larger hard drive in half for Ubuntu and left everything else in the regular NTFS file system for Windows. How does that work with virtualization though? This is one of the only things that's holding me back. I still have a lot of music and video which would be a pain to convert. Thanks!