I tried this with VPC2004, Needed to turn off VT-X to start, after I did that I was able to get VPC up and running. But the second it tried to initialize the network card it bailed on me, I think I may just need to reinstall it to get the parallels network cards set up, this was on an XP bootcamp partition. I use this setup to allow me to log into a windows domain over a vpn to do some specific things that need to be done from a machine logged directly into the domain.
So it might work, give it a shot.