Originally Posted by RichEM
What I would like to do is to be able to run either Fedora or 7 as the boot system and also run Fedora in a VM while running windows.
I can't tell whether you are asking to be able to run the same install of Fedora in both modes (directly booted and inside a VM).
There are lots of instructions available for shrinking the Windows 7 partition(s) then installing Fedora in new partition(s) to be dual boot with Windows.
There are lots of instructions available to install a VM in Windows and install Fedora inside the VM, so Fedora is running from a virtual disk that is really a file inside the Windows file system.
If I were doing this, I would want the two Fedoras together. That would require the ability to run Linux in a VM but from a real partition rather than from a virtual disk. I don't know whether that is possible or if so how to do it. If you didn't mean that (if two disconnected Fedora installs, one virtual and one physical are OK) then sorry for the distraction. If you wanted them together, make that clear so that some VM expert might tell you what is possible.