Using the trial version (latest build) for desktop - tried to create a new VM installed Win 7 Ultimate (x32). When I go to device manager I see that the EthernetController, PCI device and Multimedia Audio Controller devices are all marked with an ! Do not see any ethernet adapters. Have tried in Configuration setting it to Shared and also bridged - tried default adaptor and Realtek rtl8168 - no joy. If I try and run update drivers - search machine for drivers - it comes back with no drivers found. I need ethernet!!!
Try to install Parallels Tools. There should be a hint on the status bar (agree, it is hard to notice...) from menu of Parallels Desktop: "Virtual Machine" -> "Install Parallels Tools"