moving files and apps between guest os

My mac is running Fusion 4, with XP64bit as a guest OS.

I am planing to upgrade to Windows 7 64bit, I understand its not possible to simply upgrade to the new OS like you can do with Mac OS.

In which case I would like to intall the new OS (Windows 7 64bit ) to run side by side with XP64bit.

My question:  is there a way to copy the contents (files and all my applications) of my XP guest straight into my newly intall Windows 7 guest OS?

I'd rather not have to go through the process of re-installing all of my applications in Windows 7.

Any suggestions on how to transfer files and apps painlessly greatly appreciated.