I bought Parallels Desktop 4 for Mac about a week ago. It offered a free upgrade to version 5. After thinking about it, I would like to upgrade, but can't find a way to do it for free.
Per my conversation with the folks at Nova, as long as you are within the 90 day "Money Back Guaranteed" period, you are eligible for a free upgrade. Here is the form and ignore the Oct 1st reference: http://usa.novadevelopment.com/specials/parallels5/free_upgrade.aspx