1. (offline) Boot new and old VM servers from live CD
2. old server: dd if=/dev/sda bs=8M | pbzip2 -c | netcat <newhost> <random high port>
3. new server: netcat -l <same port> | pbzip2 -cd | dd of=/dev/sda bs=8M
Compression: You can use something besides pbzip2, maybe pigz of if you only have a single core use bzip2 or gzip.
Security: You probably want to add encryption to this pipeline.