We explore the feasibility of accelerating soft processors by dynamically translating hot segments of code into FPGA circuits. We propose an approach that tackles two key challenges: the prohibitive compile time of standard synthesis tools and the limited run-time reconfigurability of commodity FPGAs. We use traces, or hot straight-line segments of code, as the units of code to translate into FPGA circuits, combined with a pre-synthesized overlay that is tuned for traces. The overlay, referred to as the Virtual Dynamically Reconfigurable (VDR) overlay consists of an array of functional units that are interconnected by a set of programmable switches. The overlay can be rapidly configured by the soft processor at run-time. Our approach avoids traditional synthesis and reduces code-to-circuit translation to the significantly faster mapping of instructions to VDR units. Preliminary evaluation shows that the overlay speeds up the execution of the benchmark by up to 9X over a Nios II processor. The overlay incurs a 6.4X penalty in resources compared to Nios II.