Need to migrate a SQL Server 6.5 Prod to SQL Server 2012 in VM We are planning to move our SQL Server shop to VM(VMware). We still have one SQL Server 6.5 in production. What would be my course of action/path to move/migrate 6.5 to virtualized SS 2012?

It's the data that needs to be moved. The rest can be scripted/re-written if a straight migration of a DB(view, SPs.....) is not practical.
You can update 6.5 to 2000, from 2000 to 2008 and from there go to 2012 but its much better to script out the schema and bcp the data as Kin suggests. As he seems to be to humble to link to his own post I'll do it for him: Restore SQL Server 2012 backup to a SQL Server 2008 database?