Parrallels 4 and bootcamp operation

Hi,
Brand new Apple user. Just bought an Imac and setup parallels with XP pro sp3 now issues works great. Problem is I have one game which just runs very badly. I know its because in parallels it splits the processor and video ram. I therfore see the solution as creating a bootcamp partition.

Can i do this without destroying the parallels connections I have now? Does it need another XP licence on the bootcamp to run? Does bootcamp share the data between Apple OS same ways as paralleles does?

Thanks,

mike