My conclusion on accessing the Boot Camp partition in Parallels: Don't do it.
It's simply not worth the trouble and it doesn't bring you any real benefits. In my case Parallels has completely destroyed three Boot Camp partitions and even when it was working it was much slower and less stable than a normal Parallels virtual machine. In addition to this, Parallels appears to make changes to the Windows installation in Boot Camp and that is by definition a bad thing. The whole reason for creating a Boot Camp partition is to have a real native installation of Windows running directly on your hardware. If you let Parallels mess with that you are threatening the integrity of that system -- at least in my case the Boot Camp Windows installation was always funky after Parallels had touched it.
Conclusion: If you want to access Windows without leaving OSX then use a real virtual machine. If you want to access Windows directly on the hardware use a real Boot Camp installation and don't allow Parallels anywhere near it. Keep the two things completely separate and you will be much, much happier.
The above was posted by someone over 2 years ago. I would like to know if what he said still holds true today with current versions of everything ie. PD/BootCamp/Win7.
I tried posting this in a sticky thread but it didn't work even after 24 hours so I am trying here as a new thread.