Is a migration of xp applications and data to win 7 possible?

Hi
I installed Window 7 Prof in a new vm under parallels 4, though I still have my old xp vm. Did anybody migrate via transporter his xp apps and data into Win 7?
What's up with this extended beta testing of Paralles, will there be a way to get xp vm (apps and data) to work within Win 7 or is the only way to install all apps in Win 7 the old way?

Running Mac Pro with Snow Leo.

Regards Michael