Install Guest OS on Solid State drive and Apps on another

Hi,

I wanted to purchase a Lexar 16 gig solid state express card to slide in the slot on the side of my mac.

http://lexar.com/ssd/expresscard.html

Main reason for this is because it is "Ready Boost Enabled" This means I can give Windows Vista 4 extra gig of memory on my mac, making it perform much better in Paralells. I will have 12 gig from the Lexar card left over. My question is there any way to install Windows Vista through Paralells on that extra 12 gig of space, but have all the Vista applications Seperate and install on the Mac hard drive. Obviously if I can get the Vista OS to live on a solid state drive that will also increase it's speed. Does anyone kow if I can install the Vista OS on a seperate drive and the vista applications on another in a virtual machine. This would be the ultimate setup for a MacBook Pro. Plus I can give my Mac Laptop more of it's own memory back from Paralells becuase of Vista readyboost on Lexar drive.

Thanks

 

This review is not very positive http://crunchgear.com/2007/05/07/hands-on-lexar-expresscard-ssd/ though it's not about use with Parallels per se.