Can a virtual image / VHD be made from actual installation and vice a versa an actual image from VHD. is oracle vertualbox able to do that.
VMware has a Physical to Virtual (P2V) called vCenter Converter. As for a Virtual to Physical, you'll need a program that removes drivers and restores the machine to a bare metal state. Acronis, Symantec and ShadowProtect offer this feature.