I'm using Parallels on Mac w/ the built-in Compressor and an XP installation. I installed ArcGIS. Everything worked. I compressed the image and ArcGIS would not run anymore. I've done this 3 times and it happened every time.
ArcMap 9.1 (build 722). My post is 4 months old or so. I'm now using the latest Parallels beta (build 3120) and there is no problem, everything works.