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brkirch's suggestion worked, so I finally was able to enter the activation key. What appeared as "l" on the serial number was actually the letter...
Yes, I've tried it several times. And there are no zeros or "O"s in it. Thanks for the reply.
I purchased a boxed copy of Parallels Desktop 3.0 from Best Buy. I installed the software, but when I typed in the serial number from the CD...