How do I create a virtual machine on Windows 7?

How do I create a virtual machine on Windows 7? I'd like to create a virtual machine running on Windows 7. On Windows XP / Vista I have been using either Microsoft Virtual PC or VMware Workstation. I believe I heard somewhere that virtualization is part of Windows 7.
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bert [Entry]

"What you heard of is known as XP Mode for Windows 7, which is basically a Microsoft VirtualPC image (free for licensees of Windows 7 Professional and Ultimate) to run Windows XP applications within Windows 7.

Other than that, you can still use your virtualizer of choice (e.g. VirtualBox, Microsoft VPC or VMware) and create your own virtual machine."