Processor virtualization via migratable objects is a powerful technique that enables the runtime system to carry out intelligent adaptive optimizations like dynamic resource management. CHARM++ is an early language/system that supports migratable objects. This paper describes Adaptive MPI (or AMPI), an MPI implementation and extension, that supports processor virtualization. AMPI implements virtual MPI processes (VPs), several of which may be mapped to a single physical processor. AMPI includes a powerful runtime support system that takes advantage of the degree of freedom afforded by allowing it to assign VPs onto processors. With this runtime system, AMPI supports such features as automatic adaptive overlapping of communication and computation, automatic load balancing, flexibility of running on arbitrary number of processors, and checkpoint/restart support. It also inherits communication optimization from CHARM++ framework. This paper describes AMPI, illustrates its performance benefits through a series of benchmarks, and shows that AMPI is a portable and mature MPI implementation that offers various performance benefits to dynamic applications.