A system and method for virtualization of processor resources is presented. A thread is created on a processor and the processor's local memory is mapped into an effective address space. In doing so, the processor's local memory is accessible by other processors, regardless of whether the processor is running. Additional threads create additional local memory mappings into the effective address space. The effective address space corresponds to either a physical local memory or a “soft” copy area. When the processor is running, a different processor may access data that is located in the first processor's local memory from the processor's local storage area. When the processor is not running, a softcopy of the processor's local memory is stored in a memory location (i.e. locked cache memory, pinned system memory, virtual memory, etc.) for other processors to continue accessing.