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The early Parallels beta that I have installed could not boot a real partition on the hard drive. This means that the same copy of Windows was not available to both Boot Camp and Parallels, so you would be looking at two seperate installations. I don't know whether this has changed in the latest version, but there are no clues on the Parallels website.

Ahh okay. In that case, activiating two copies of Windows will be a problem. The first activation will go through with no problems but the second will fail.