I have a Dell running win XP and have files, etc that I don't want to loose. I heard about VMware Player that allows XP to be run as well as Linux and other OSs simultaneously. I have a need to be able to install RedHat Fedora on this machine too so I'd like to find out if I can:
1. Save the existing XP environment
2. Install a virtual computing environment (like VMware or something else?)
3. Install redhat fedora and actually get it working (what are the chances? will I suffer substantial pain trying to get it running?)
4. Be able to run the (previously existing) XP environment when I want to.
5. Have a computer that will run multiple OSs at will.

Is this possible?
If so, how Superman?

install vmware-server (free) on the XP system, inside the vmware create a VM and install as many other OS's as you need