Angelo,
I haven't tried it yet, but my guess is you setup a new VM (call it MASTER or something), install windows or other OS, make it up-to-date with patches etc then stop the VM.
To create new VMs, you, firstly copy the MASTER.hdd file to a new subdirectory of ~/Library/Parallels which you will name EXACTLY the same as your new VM, example winxp01. Then rename MASTER.hdd to winxp01.hdd (in our example) and proceed to create a new VM using the Parallels GUI selecting Custom.
However instead of creating a new VM you select Use an existing hard disk image and select your newly created/copied winxp01.hdd file and er...Bob's your uncle.
Be careful to verify that all the paths are correct in you new VM definition when you create it an all should be fine.
There are other things you want to be aware of, for example if your master has a fixed IP address it might cause problems if you create more than one copy of the master, or you could have problems with the netBIOS name etc. Best way to avoid that is to do a SYSPREP before shutting down your master VM.
I do this all the time with VMware ESX server and it is the nuts...about 5 mins to setup and install a new 2003 domain controller can't be beaten
Edited to fix a couple of typos - oops!