I need some encouragement here. I currently have OS 10.4.10 and Parallels Build 5160, and everything works. I have an install disk for 10.5 (Leopard) and I see that I can now download Build 5582. But I'm afraid to take the leap. I could end up with a system that no longer works. The downside is that I'll never be able to use Leopard and (what I'm really interested in) the snazzy new Mail templates. One problem: I have no idea what the build number for my Parallels 3.0 CD-ROM is (why can't you do something real simple like print that information on the disk?) and whether I'll need to use a "DMG" package that I'm sure I don't have. Is there even a 1% chance that I'll have to spend hours getting my system up and working after (1) installing the new build of Parallels and (2) installing and updating Leopard?
I have good news to report. I took the plunge. The outlined procedure worked, the Leopard upgrade worked, and Parallels is now running perfectly (so far) on 10.5.1.