Yes you can create a new VM in PD4 that uses your BootCamp partition. The downside is you're limited in space to your hard drive partition. The upside is that it is BootCamp install. You can use either Parallels or BootCamp, as you need, and it's the same configuration, same installation, same files. The other benefit is only using disk space for one installation for both Bootcamp & Parallels with only the installation. I use BootCamp for games. I use Parallels for VPN and MS Money, via my BootCamp partition. No matter whether I'm running Parallels or reboot into Windows in BootCamp, I'm using the same installation.