Is it possible to run another copy of OSX in parallels on an OSX machine? Basically another Tiger installation to use as a playground. I tried searching everywhere but couldn't find the results i was looking for. If anyone can help that would be great!
It would be great. It is possible. Support code to actually do it has not been written. It would be even better if it were legal to do it but Apple has a team of lawyers suited up to make sure you follow the letter of your End User License Agreement and that agreement prohibits you from doing this. Summary: Not permitted.
When I say it is possible I mean it is not impossible to write a hypervisor that could do it. Nobody has. OS X is just a flavor of BSD Unix and which is supported but not so well that OS X would recognize the virtual hardware created. You would need to write the equivalent of Parallels or Fusion from scratch, or hope they add OS X support (and they won't).