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I have a dell inspiron laptop that has already maxed out on partitions (windows 7, ubuntu) I would like to try windows 7 beta and run it from my external harddrive. How do i install 7 to my external hard drive and then run it?

I have just downloaded the windows beta iso and i would really like to RUN it from my 8gb usb drive without installing windows 7 on my computer as dual boot or whatever. It would be even better if I don’t have to reboot the computer and choose it from the bios (like qemu). Please help! =]