It looks like there were some late updates accepted into Precise. I had a working 12.04 based on a nightly build from 2 days before launch. With Precise being officially released today I just installed 12.04 from scratch and had no problems after installing Parallels Tools. I was then prompted to update 14 items, including an update from Linux 3.2.0-23 to 3.2.0-24.
Upon updating I saw the same message as you. After hitting S to complete the boot I reinstalled Parallels Tools. I am now able to reboot without error, my mouse works and I can access Parallels Shared Folders , but I do get sporadic 'System program problem detected' errors.
I looks like something in the 3.2.0-24 update is not 100% compatible with the latest Parallels Tools. Hopefully we will see a fast-follow patch, now that Precise is official.
Last edited: Apr 27, 2012