[kwlug disc.] Quick virtualization question

[Adam Glauser]

Don't need an indepth response, I just want to know if this is 
completely looney, or potentially possible.

I think it would be really sweet to start a LiveCD distro, then use qemu 
or some other VM to boot the OS that is already installed on that machine.

Does that seem like it would be doable?  A quick Google didn't turn up 
anything describing attempts at doing this.