As you might be knowing that Microsoft is planning to replace Windows XP with Windows 7 and will, in my opinion leave no stone unturned in doing so.
Now for all those who are using Windows Xp and have no intentions of switching over to the latest version, there is some good news ! Microsoft has introduced VIRTUAL XP MODE in its upcoming windows 7 operating system, since a fully functional windows Xp Sp3 will be available via windows virtual PC Beta feature to the users of windows 7 professional,ultimate and enterprise edition users. This new feature will enable users to use their old Xp compatible applications in the new windows 7 via the inbuilt Virtual Pc mode.
The release of this Windows 7 Xp mode has been scheduled to May 5 , once released the feature will make integration of windows Xp features in windows 7 a hassle free task and offering single-click launching of Windows XP Mode applications with USB, printer redirection, clipboard sharing and folder-sharing features.
For more information refer to the official Microsoft forum Here.