After unsuccessful attempts at installing Team Foundation Server Beta 3 Refresh, I ended up using the Release Candidate VPC with Virtual Server 2005. I couldn't stand the performance so I decided to move the virtual image to a physical drive. After a lot of unsuccessful attempts, I finally came up with a working solution....
I downloaded a trial version of WinImage which lets you copy a .vhd to a physical drive. After this was done, Windows couldn't load because it was installed on the VPC's “Virtual” hardware... it couldn't load with the drastic hardware change and gave me a lovely BSOD before the windows logo came up. I then popped in my MSDN windows DVD and ran a repair installation (fhe TFS VPC uses Win2003 Enterprise), and after a 40 minute wait, I had a working physical installation of that VPC server!
Hope this helps anyone that's wanted to do the same thing....