Boot Windows XP from a raw disk image using Grub4dos:is it possible(and how to)?

Boot Windows XP from a raw disk image using Grub4dos:is it possible(and how to)? Ubuntu can be booted from a disk image(via Wubi), BeOS Personal is booted from a disk image by default, too. So my question is: Is it possible to use grub4dos(or standard grub or any other bootloaders) to boot a raw disk image of Windows XP (the file system is ntfs) which is created by dd? If it's possible, How to?
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