OK, I was able to download the Windows version of Parallels Transporter and convert the Microsoft VPC image into a Parallels one. Problem is, the converted image is recognized by Windows as a hardware change, prompting Windows reactivation. And since there is no product key for this test image that's a problem.
Or not. I entered my regular XP Pro product key and it activated. That may come back to get me, but for now it works.
And, when you boot it up there's a EULA that says you can't convert it from the VHD format. So perhaps I'll just stick with my regular Parallels images.
Last edited: Dec 20, 2006