Run a virtual machine under both 7 and Vista?

I have a windows 7 pro computer that is set up as a dual-boot with the OEM copy of Vista home premium.
How do I use XP mode in Windows 7 professional,
and also share another virtual machine running an image of an old Windows 98 system with the Vista OS without duplicating the 40gb virtual hard drive?
I'd like to be able to use that virtual machine in both operating systems without having to convert it back and forth, or mess with  the "virtual machine editions" every time.
Is this possible? I get a message that Virtual PC 2007 is incompatible with Windows 7, but it is all I have to run in Vista. Both host operating systems are 64 bit.

So, you want Windows 7 run XP mode and run this Windows Virtual PC 2007 at your Vista? so you can run old Windows 98 on your Vista
for me, this is complicated process, what I suggest here, you upgrade your Windows 7 version (if need to be upgraded), installed latest version Windows Virtual PC version, and make Windows Vista and other OS as guest
http://www.microsoft.com/en-us/download/details.aspx?id=3702
https://support.microsoft.com/kb/958559?wa=wsignin1.0
but I don't think Windows 98 will run using this software, but some people report can, even though operating systems that are not officially supported
http://blogs.msdn.com/b/virtual_pc_guy/archive/2010/05/27/installing-windows-98-on-windows-virtual-pc.aspx
note:
I also bit confused regarding this, "Virtual applications are not supported on Windows Vista Business or on Windows 7 Professional or on Windows 7 Professional(SP1). All other features of Windows Virtual PC are supported on these two guest systems."
You also have another option like install 3rd party Virtual application software, like Virtual box or VMware
but everything worth to try, good luck

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