XP and 7 running together

Hi, I current have XP as my main OS. It's been fine for all these years.

I've put off upgrading until now but I need to use a program that requires windows 7 or above. If I'm going to do the required "fresh install" I will wait to do that when Windows 10 is available. Sooooo:

Since I do have a copy of Windows 7, I was thinking of installing that on my external drive and run that along with XP so that I can at least transfer the files back and forth that I need.

NOTE: I can't free up enough space available on my main drive for both XP and 7 to reside.

I've read about how to duel-boot the two OS's but haven't found out how to run them at the same time. This is what I need.

I have Virtual Box and am familiar with it.

Can someone suggest how I can do this.

Thanks.
 
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