Hello
If you own retail copy of windows 7 (not OEM), you can install, un-install and re-install as you wish. Somewhere i found that retail version may be installed twice (once as stand-alone, once as VM). I have retail windows 7 Pro on bootcamp and on parallels, both activated (but I had to use activation via phone for installation in VM) and no problems.
If you have OEM and you want to use it only in parallels, install it, activate it and make snapshot. If anything goes wrong after that, you can always go back to the snapshot version. (you can make as many snapshots as you want, personally, i make snapshot after clean install and after patching. If I finish the game, i use snapshot from after patching, so everything is clean).