I worked on installing Win2kServer inside of
QEMU 0.7.1. It went pretty smoothly, but I didn't configure the image disk to be large enough. I tried to correct the problem by following the instructions I found
here, but every time I tried to boot the guest OS, it complained that the disk was not bootable. Eventually I just took the route of re-installing the OS on a larger image file.
UPDATE: Just installed SP3 on the guest OS and everything went bad.