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VMWare workstation is brilliant as you can
run multiple operating systems at the same time. You can take snapshots if you know you are going to perform some risky operation and then easily rollback if something goes wrong.

Making backups of the entire OS is as easy
as copying the vmware files.

http://www.cx7solutions.com/showmparttoc.php?artp=vmware,linux,workstation,inst_rh3