If your system doesn't meet the above requirements, here is another tool called VMLite XP Mode which is similar to Microsoft XP Mode, but doesn't require hardware virtualization.
It allows you to run Windows XP at the same time from your desktop running on a different host operating system.
To install VMLite XP Mode, it needs VMLite Workstation and a licensed copy of Windows XP in virtualized image file format. (A licensed copy of virtualized Windows XP image file can be prepared by VMLite Workstation.)
Download VMLite XP Mode [via –blogsdna]