Installed Windows 7 with Parallels Desktop 5 without running windows 7 on Bootcamp

I apologize in advance if any of these questions are relatively stupid or simple, I just recently got an i7 MBP and installed Windows 7 using Parallels Desktop 5. I just came to realize that that probably wasn't the best choice since I really only wanted to use Windows to play games not available for OSX. Now my question is, what would be the consequences if I installed the same Windows 7 using bootcamp now? also what if I decided to run that bootcamp version of W7 with Parallel? Will I need another W7 product key? and lastly, would it be a better option if I ran bootcamp with XP instead so I'm not using the same product key? Hope someone can help me out!

thanks!

 

It should be ok since you're installing on the same computer.

Reinstall Windows 7 using Boot Camp, then when you have that working, create a new custom virtual machine in Parallels Desktop that points to that Boot Camp disk. When they are both working fine and you can boot back and forth using Boot Camp and Parallels, then you can delete your old virtual machine.

You may have to reactive Windows. If you have any problem you can call Microsoft.