Can I use a bootable Windows drive as a VM, not copying from it, but keeping the VM on that drive?

Similar to the way I believe a Boot Camp partition can be used by Parallels, can I set up an external bootable Windows drive so that it both can be run as a Parallels VM, but also remains bootable on a Windows machine, retaining all changes to the Windows environment made while running as a VM when booted on a PC?

If this works, will Parallels Tools, if installed, simply be ignored when booting from a PC?