Can I use Windows 7 Home Premium SP1 32bit (Full) System Builder with Parallels?

I just upgraded to a MacBook Pro from my old PPC Powerbook (running Microsoft XP under Microsoft Virtual PC7). I only use Windows to check my websites look and feel on Windows' versions of IE, Safari and Firefox before uploading them.

I installed a trial version of Parallels 6 and tried to transfer over the XP from Virtual PC but activation failed. I read the forums and discovered that OEM versions are not allowed.

So, I need a basic, bare bones version of Windows. I found Windows 7 Home Premium SP1 32bit (Full) System Builder on Amazon for a reasonable price and see that many people buy it along with Parallels. My question: can I use it?

Thanks for any help, running browsers on Windows is the extent of my knowledge of the Windows world.

David