If I try to check for an update, from Parallels Desktop 4.0 build 3844, I get a dialog telling me that this copy is not registered and cannot be updated. If I select OK and try to register, I am informed that this copy is already registered to this address. But if I then try to check for updates, I get the original dialog saying that it isn't registered.
I suppose it would be easier to figure out if you would have created a ticket in our support line, so that we could check it out. However, for now you can simply download the latest build from our site and reinstall Parallels Desktop application, this would not affect the virtual machine. http://www.parallels.com/download/desktop/