The Virtual Server Save VM State action will save the state of a running Virtual Machine and then stop it.
Virtual Machine Property Page
See the Virtual Server overview topic for details.
"Fail if the Virtual Machine is already turned off or saving"
If this option is selected, the action will fail if the target VM is already powered down or in the process of saving.
"Action waits until the Virtual Machine has finished saving before continuing"
If this option is selected, the action will wait until the Virtual Machine has completed saving and powered down before continuing.