[ubuntu] Best way to transfer windows to a Virtual Environment

I currently have ubuntu in a dual boot with windows. I need some windows programs that are wine incompatible. I do not want to do some small tasks in windows, save, go to ubuntu, come back to windows, and continue this cycle. I want to know if I can transfer my current windows os into a virtual environment, data and all, then wipe the windows partition from my hard disc. My computer has a core i3 processor, a 500 Gb Hard drive, and 7.7 Gb Ram.
*If at all possible, the Virtual Environment should be free.