I've been using Parallels since the beta's in July 2006, and I've noticed this on-and-off. Some versions of Parallels seem better, some worse. Current 5160 seems pretty good.
Some builds seems better than others, BUT, one thing that is consistent is that some process (could be in the guest or host OS), is running high-CPU. Use the Activity Monitor, or top in terminal.app to find what is consuming the highest CPU cycles in the Host (MacOSX), if it is the guest OS, then use a tool there to find the process using the most CPU cycles -- in Windows that is the Task Manager (right-click the taskbar), or if guest OS is *nix use top in a xterm, and the stop/kill that process. Very likely your CPU usage will go down.
phil
MacBook 13"/2Ghz/2G RAM/160GB HDD, Parallels 5160 running XP from image (not partition)