Creating a Virtual Machine for the Boot Camp Partition

To create a new virtual machine for using the Boot Camp Windows XP (SP2 or SP3) or Windows Vista (SP1) partition, do the following:

Boot into Mac OS X.
Start Parallels Desktop and launch New Virtual Machine Assistant by clicking New Virtual Machine on the File menu or choosing Virtual Machines Directory from the Window menu and clicking the button in the displayed window.
In the Introduction window, click Continue to proceed with the virtual machine creation.
In the Operating System Detection window, click Skip Detection.
In the Select Operating System Type and Version window, select the type and version of guest OS you want to install in this virtual machine and click Continue.
You can either select an operating system from the list, or select Other in case you cannot find the required one there.
In the Virtual Machine Type window, select Custom and click Continue.
In the CPU and Memory Options window, specify the number of CPU(s) and the amount of RAM for the virtual machine and click Continue. You may use the slider or arrow buttons to set the value or simply type it into the corresponding field.
In the Hard Disk Options window, select Boot Camp. Click Continue.
In the Boot Camp Disk window, specify some details: the physical disk where this Boot Camp partition is located on your Mac and the Boot Camp disk IDE position in your future virtual machine. Click Continue.
Then proceed as described in the Custom Installation Mode section.