Hi Ravi,
you can take a couple of approaches here. First off, I want to make sure you are not wanting to do a P2V conversion, that is taking the OS image that is running on the physical host and, using VMware Converter, create a virtual machine from it. You could do it that way but, depending on how much mail data is there it could take a long time and it's not the preferred approach for Exchange.
I'm going to make a couple of assumptions here:
I'm assuming upgrading to Exchange 2010 is out of the question (if it is not just do that and move mailboxes 
)
I'm assuming that there is plenty of storage in the vSphere environment to satisfy the requirements of Exchange. Obviously you would have to provide enough storage for all mail data x 2 if you want to continue with CCR.
Your message says "local disks", so I'm guessing the RAID 10 you mention is not available for use for these virtual machines and that you will provide some type of shared storage.
So, if you have enough compute within a vSphere cluster and enough storage (capacity and IO) to satisfy CCR I see two options:
Leapfrog approach
1. Shutdown passive
2. Evict passive from CCR cluster
3. Create new VM, Clustering services, Exchange/add as passive to the cluster (you could run setup in recovery mode /m:recoverserver, but I don't see why you would want to in a cluster)
4. Seed databases
5. Failover
6. Repeat for other physical
New Cluster
1. Create two new VMs
2. Create new CCR Cluster
3. Install Exchange active/passive
4. Move mailboxes
5. Decomm physicals
Obviously these are very high level but the approaches are straight forward. If this is your only set of Exchange servers in the environment you will have to account for any public folders/system folders, etc. Take some time and check out compute usage in the current environment so you are sure you have plenty of compute in the vSphere environment, especially if you are moving into a shared environment.
-alex