VirtualBox uses an XML file that stores your VM settings, and for disks there are a few options,for my work I use the disks that grow (so I set the disk to 100Gb but if I use 20 Gb now it will use 20Gb of my real disk space)
That's fair, but the XML is probably non-essential, and I believe there are already open source converters for most disk image formats. There's some risk, but I don't think it's very much.