possible to clone or transfer bootcamp to parallels?

instead of running off my bootcamp is there a way to clone the partion to a parallels drive?

 

Most certainly a option

All you need to do is start Parallels and select to create a new Virtual Machine. Select the BootCamp as your source.
It will create a VM from BootCamp. Caution though you will have to reactivate Windows in the Parallels as it will see it as a new installation.

 

Do you know if these two "instances" of win7 will update each other if, say, you install a new program?

 

The problem I see by doing it that way is that you're losing one of the big benefits of Parallels versus Bootcamp if you're tight on storage memory. If you leave Bootcamp you have a limited amount of memory assigned to it so when you install more programs in Windows it will get to a point where you are without free space. That happened to me. You could assign a lot more memory to Bootcamp but then you have wasted memory that you can't use with Mac. Also happened to me.

By installing Windows inside of Parallels without Bootcamp you can use the entire hard drive in the machine for BOTH Mac and Windows programs so you don't have to assign a certain amount of space to each.

I learned this the hard way. I had to create Bootcamp a few times due to me assigning first too much then too little memory. I then purchased Parallels and that took all the issues away.

There might be other things to consider for your specific situation but for me that cured all my storage issue problems.

 

Yes they will update as one

Yes, because they are one and the same they do update as one. Although Parallels does create a folder to store files when using the bootcamp partition in Parallels. It should be accessable in Bootcamp because Parallels installs tools.
I am in the camp who ask why have both? BootCamp is nice if you can focus just on one OS running at a time. Parallels is nice if you prefer Mac OS but need to run a Windows only program(s). My issue with Parallels is you not only have to be wary of compatibility with Windows but also with Parallels. Your adding a third equation to the mix. Most of the time its fine. If you can deal with the bugs at times the Parallels is easier. If you prefer performance and solid reliability with Windows go with BootCamp.