IE Web Video Displaying Black in Box

This appears to be a bug in Parallels Desktop. You should report the problem to Parallels (Help menu -> Report a problem).

The problem does not exist when I boot my Mac into Windows 7 32 bit or 64 bit Boot Camp partitions.

The problem does exist when I use Windows 7 32 or 64 bit in Parallels.

The problem goes away when I deselect the "Enable 3D Acceleration" option in Virtual Machine -> Configure -> Hardware -> Video.
 
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