How to run XP on a mac?

I have a new Macbook and love it, but I need the ability run windows programs. I heard about virtual pc, but that doesn't work w/intel based macs.
What is the best way to go about running pc software on a mac. I've heard you can partition your HD and run windows on it. Does anyone know how to do this? How much memory should I partition?
Thanks gang,
-Greg P

All Windows and Bootcamp questions go in the Windows forum.