Virtual machine with XP as a geust on 64 bit X86

[stan]

 I need to run a windoze executable, which depends on IE. So, I would like to
 install an XP VM on one of my machines. This machine has the X86 64 bit
 version of Ubuntu installed on it.

 What are my options here, What are the pros and cons of each?

 Thanks.
-- 
One of the main causes of the fall of the roman empire was that, lacking
zero, they had no way to indicate successful termination of their C
programs.