With google, I found the following info. I'm pretty sure I chose the 2nd option (in blue) and I think that's the reason I'm not seeing the dual boot option (Option key held down while booting). I'm wondering if I deleted and reinstalled Par7 with the first option below, if I would then get the dual boot option? Also, can I delete Par7 without deleting my Win7 installation?
Use Boot Camp with Parallels Desktop
Boot Camp is a feature of Mac OS X that lets you start up your Mac in Windows. If you have already installed Windows on your Mac using Boot Camp, you can set Parallels Desktop to work with Boot Camp using either of these two options:
Set Parallels Desktop to run Windows from the Boot Camp partition: Changes you make in Windows programs either while working in Mac OS X or when you start up your Mac in Windows using Boot Camp will be reflected in both places.
Windows running from Boot Camp has the following limitations:
It can't be paused
It can't be saved as a snapshot
It can't run in Safe Mode
It can't be compressed
Import Windows and your data from Boot Camp into Parallels Desktop: Windows running from Parallels Desktop doesn't have the above listed limitations. Boot Camp and Parallels Desktop are separate. Changes you make in Windows programs while working in Mac OS X are not reflected when you start up your Mac in Windows using Boot Camp.
Set Parallels Desktop to run Windows from the Boot Camp Partition
Open Parallels Desktop (in the Applications folder) and choose File > New.
Click Boot Camp, and then follow the onscreen instructions.
Note: If you plan to start up in Windows using Boot Camp, it is recommended that you shut down Windows in Parallels Desktop rather than suspending Windows.
Import Windows and Your Data from Boot Camp into Parallels Desktop
Set Parallels Desktop to use Boot Camp, as described in the steps above.
Right-click (Control-click) the Boot Camp version of Windows in the Parallels Virtual Machines list and choose Import Boot Camp.
Note: Windows must be shut down.
Click Import.
Locate where you want to store Windows and your data, and then click Choose.
Windows and all your data are imported from Boot Camp. You can still use the original Boot Camp Windows installation, separately from Parallels Desktop.
Important: The first time you start Windows after setting Parallels Desktop to work with Boot Camp, Parallels Tools are installed to allow seamless operation between Windows and Mac OS X. Once Parallels Tools are installed, you're prompted to restart Windows.