Doing a little more digging it appears that the parallels kext that crashes (prl.hypervisor.kext) 10.8 is looking for something in two apple kexts (IOACPIFamily.kext and IOPCIFamily.kext) that have changed. In order to pull those kexts back from Lion I had to move a framework that also changed (IOKit.framework.) After doing this a whole new set of problems arise with broken AirPort drivers and loads of other stuff.
Edit: Ok just did some more testing and it has to do with the 64-bit side of the prl.hypervisor.kext. reboot holding 3 and 2 down to boot into 32-bit mode and run my parallels launcher that we had to use for parallels 6 and lion previews.
Network module is not working but virtual machines boot and are useable other than that.
UPDATE: Networking is now working. Check the same link below.
Parallels Desktop 7 on Mountain Lion (10.8)
Last edited: Feb 18, 2012