Dugie and others have posted about this in the past, now Conrad has added some great detail, especially leveraging native Microsoft tools (some still in beta). Basically you have a choice of:
Method 1. Using WAIK (Windows Automated Installation Kit) which uses Imagex.exe and WinPE rather than a 3rd party tool such as Ghost.
Method 2. Using VMDMount (you need Virtual Server 2005 R2 SP1 (beta2) to get VHDMount) - if you just need the VHDMount part of the Virtual Server beta Dugie (once again) has the method.
Remember to test these methods until you're happy...I know I will be.
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All round good guy and virtualisation blogger Clive Watson, has just answered one of my burning questions...
Is it possible to shrink the VHD files with this methods?
Tamas - in theory yes shrinking should work but I've not tried it yet!
Great info from Dugie once again, and more details from the developers at http://vmtoolkit.com/ We now