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I'm having the same problem. I have Vista already installed and want to access it from Parallels. I have Parallels 4.0 and I don't get that menu...
i just reinstalled Parallels Tools, repaired permissions on my Mac for good measure and haven't had problems since...
I have just developed the same problem using Windows XP on a Macbook. What worked for me was, in the Parallels menu, go to 'Devices', 'Network...