Updrade to 4.0 and snow leopard

I Recently Upgraded my imac to OSX 10.6 but am still running paralells 3.0, If I download the upgrade to 4.0 will it work?

Also, if I purchase this upgrade and run it will I loose everything that was saved in Windows XP under parallels 3.0? Will I have to reload Windows XP? If so is there anyway to save everything I saved under Windows XP in 3.0 before I purchase, download and run the upgrade?

Thank you for your help.

 

1. PD4 will convert your existing vm for you
2. For peace of mind make a copy of your XP vm first.
3. Close down your vm, rather than suspend it, before the upgrade.
4. Should you get a freeze during the conversion put it into manual mode.

Salamat

 

Just realised after my previous reply that you've already upgraded to Snow Leopard, in which case you wouldn't be able to change your vm from suspended to shut down, had that been necessary. If you left suspended, this should provide the solution:
http://kb.parallels.com/en/6659

Salamat