I’ve run into the issue lately where P2Ving a Windows 2000 machine will result in a blue screen when the new virtual machine boots. A google search shows many others with this problem. The root cause of the issue is related to Update 1 of Service Pack 4.
Luckily, with vCenter Converter, not VMware Converter Standalone, VMware delivers a nice fix for this issue.
Follow normal steps in vCenter Converter – import a machine, setup your source, and as the Converter Agent is installed you’ll be prompted for a location to the VMware SCSI Disk Driver (scsiport.sys, not scsiport.flp) which is accessible by vCenter Server. After that, the P2v works and your Windows 2000 machine will not blue screen.