Environment

Due to the fact you will be analysing samples of actual malware, it's advisable to setup a dedicated environment for this task, unless you're not worried about becoming part of someones botnet :)

Choosing the right environment for the task at hand is important, malware often behaves differently depending on its environment, your VMWare lab may be handy but will the malware exit as soon as it detects its inside a VM?

Virtual Machines

You may wish to investigate the following virtual machines when setting up your lab environment:

Disk Cloning

Another option for setting up your lab enviornment is disk cloning

System Snapshot

A final option is to snapshot your system from a known good point without running it inside a virtual machine