You cannot combine external disk space and make it look like a bigger partition to Windows.
You can try to temporally make your vm disk bigger by expanding it, you need to have those extra 12 gb of free space on your SSD (look in kb.parallels.com on how to do this). And then shrink it back.
If you don't have enough free space. You can, however, move the entire VM to an external drive temporarily, by copying the .pvm package, then increase the size of the drive (look in kb.parallels.com on how to do this), install the update. Then run 'disk cleanup' to remove Windows update files, de fragment the drive then reduce the size of the drive back in 'disk management' and then finally, shut down, reclaim disk space, shrink the drive back, make sure it runs ok. Then finally, replace the pvm on your internal disk.
This is the only way to do it if you don't have enough space on the virtual and internal disk. Be sure to research your steps in the kb before doing it.