Parallels 6 - Noobish Question -- Bootcamp and VM?

Hey Guys - I will start off by saying that this may be a really basic question, and I apologize if there are other posts that have discussed this previously, but I wanted to ask a few quick questions.

I have a 2011 MBP with Snow Leopard (10.6.5), as well as Parallels 6. What I want to accomplish is to have both a bootcamp installation of Windows 7 (Ultimate) as well as a vm setup of Windows 7 (Home Premium), and yes I have unused product keys for Win. Now, I have previously setup a virtual machine in Parallels with no issues (on a separate MBP), but I am getting confused when trying to bake in a bootcamp installation.

So, first, can this be done? If yes, I know that the preferred method is to install bootcamp installation first, but any other tips/hints/ideas that I should follow? Finally, any tips on the partition sizes I should use? I have a 480GB SSD that I need to split a few different ways to support this (if it can be done).

Let me know if there is any missing information, or if you guys have any ideas or direction that you can point me towards. Thanks much in advance.

 

Anyone?