Can I migrate a VM to a physical host (V2P)?

Virtual to physical migration (V2P) is possible. It is perhaps a bit more complicated than migrating to physical to virtual.

First for some background information, check http://www.vmware.com/support/v2p/index.html and  http://www.vmware.com/support/v2p/doc/V2P_TechNote.pdf.

The manual method might be difficult; the writer has never tried it. We recommend you use tools with dissimilar hardware restore features, such as Acronis True Image or Symantec Backup Exec System Recovery Server Edition. Both are commercial, and at the time of writing we are not aware of free alternatives. Other commercial offerings are available, you may pick according to your liking. For instance, you might also be interested in products from PlateSpin. Check their OS portability ideology.