It's possible, but it's not straightforward, you have to use a live cd cloning distro like g4u under parallels and clone the virtual hardisk to a file, on another Virtual HD, then make the boot camp partition, then create a virtual machine that uses the BC partition as HD and as a second drive the virtual HD with the cloned image, and boot the VM with g4u and do a restore.
After this you'll have to boot natively under bootcamp using the Windows XP cd and do a 'repair install' if just manually editing the boot.ini under recovery console doesn't make winxp boot, and finally you'll have to install BC drivers.
It's a tedious process, I have done it myself inversely (getting the HD from a broken computer and tranfer it to a VM, yes it is possible), it's not full-proof and you'll get problems in the way but I assure you it's doable, but with patience, it will probably not work the first time and you'll have to repeat it, so don't delete anything before you have it working.
I only recommend this process if you understand things like boot.ini, repair install, drive denominations under other OSes and cloning. If you don't, it will be a dead-end.
Last edited by a moderator: May 8, 2008