That's not how it works. VPC comes with the OS installed in a disk image.
If your VPC came with a standard Win XP SP2 install disc, then that can be used. But you cannot use the XP installed in the disk image, and you can't use any installer that installs the disk image.
Of course, you'd be entirely within your rights to use someone else's Win XP install disc and then just use your license key that came with VPC.
tooki