1. A memory storing as binary image conversion system which converts instructions from a non-native instruction set to a native instruction set, said binary image conversion system comprising: a server; a run-time system transparently initiated upon invocation of an application program, said application program comprising non-native instructions, the run-time system interpreting untranslated non-native instructions of a non-native binary image corresponding to the application program by providing and executing a native instruction or a native instruction routine comprised of a plurality of native instructions, the run-time system receiving from the server and executing previously translated portions of native code, said translated portions of native code corresponding to non-native code portions of the non-native binary image, said run-time system further comprising: a collector for collecting profile data in response to interpretation of the non-native instructions to determine execution characteristics of the non-native instructions; and a background system invoked by the server, responsive to the profile data generated by the run-time system, for forming translated portions of native code from and corresponding to portions of the non-native instructions of the application program, wherein said background system translates only portions of the non-native instructions of the application program which have actually been interpreted in response to invoking the application program.