Here's how to do this and not violate the EULA.
1) Clone the laptop to an external USB disk (I like carbon copy cloner, others use super duper)
2) Create a new OSX VM (with appropriate licensed versions of the OS)
3) During the installation process, when prompted to migrate your information, plug in the USB drive and choose 'from another drive'
That will migrate all the information off the clone into the new VM.