When trying to use VMware’s Physical to Virtual (P2V) converter, I kept getting an error about “too many drives”.  I thought the message was related to my disk partitions, but after much troubleshooting and Googling, I found that the problem could be related to Daemon Tools (which I did have installed and running).  Daemon Tools allows you to create virtual CD drives for mounting ISO images.  I was also running the XP ISO Recorder Power Toy to have a few ISO’s permanently mounted, as well as VFD Control Panel (for virtual floppies).  Once I removed all my virtual drives, I was able to P2V the host without any problems.