Actually assuming it's a Linux guest, a third option would be: (3) Use an external kernel + initrd:
guestfish -a disk.img -i ><fs> download /boot/vmlinuz-... /tmp/kernel ><fs> download /boot/initrd-... /tmp/initrd qemu -kernel /tmp/kernel -initrd /tmp/initrd -hda disk.img ... Rich. -- Richard Jones, Virtualization Group, Red Hat http://people.redhat.com/~rjones virt-p2v converts physical machines to virtual machines. Boot with a live CD or over the network (PXE) and turn machines into KVM guests. http://libguestfs.org/virt-v2v