Found out about qemu-img today. It's used to do alot of things with hard drive images with qemu.

http://qemu-forum.ipi.fi/qemu-snapshots/

Instructions: http://fabrice.bellard.free.fr/qemu/qemu-doc.html#SEC19

So to create a raw image you'd type in the following command:
qemu-image create -f raw test 200M
to create a 200M raw HD image.

Haven't tested them with DosBox yet. If this works it would be a better solution that bximage from Bochs.