Parallels virtualization service is not responding

[KrisOrr]

Getting this error upon trying to launch parallels 6 on my windows 8 machine. Was running XP on it (parallels).

Any help would be appreciated.

 

[KrisOrr]

Can you also verify the utilization? Sometimes, it's an insufficient memory allocated for this host.

I can't verify that because launching parallels gives this error. I can't even get to my VM.