Well I don't think it would be a wise way for running single Windows under both Bootcamp and Parallels. In this case, your parallels partition will differ from your bootcamp one. So you cant access your Windows files at same path, and some of your data files will only be on one of the Win partitions (depending on where you have created it). Moreover, when you install windows via Parallels, there is always a risk that any system failure may cause probelm to your Mac OS X. If you are so hesitant about license activation. I suggest you to first install windows via Bootcap, so you have a separate partition for your Win7. HOWEVER after installation keep you windows INACTIVATED. At this point leave your Bootcamp and return to your Mac OSX. Install Parallels, and then follow the procedure to host and run your Bootcamp windows via Parallels. After all settings (e.g. Installing Parallel tools), activate your Windows online under Parallels. As you have not yet activated your Win license, you should not have any problem.
In case you were going to use your Windows under Bootcamp, then you need to do phone activation, as described in my previous reply!
Last edited: May 28, 2010