This happens once and a while with Parallels for as long as I can remember and it drives me nuts! I want to change my RAM or enable/disable smart select. Problem is Parallels is either all on or all off for me. I shut down/stop my VM and parallels just exits. If I try to edit it while running it says I have to shut it down to edit my VM. But parallels won't stay open. I try just starting from the dock and I get the new VM wizard. I figure I should be able to cancel out of the wizard and then select to open/edit my existing VM. How in the effin @&#! do I just get Parallels to present a mode where I can edit my VM.
Ok - this post answered my question http://forums.parallels.com/showthread.php?t=22282 Just hold down command key when starting.
If you start Parallels from Applications/Parallels.app instead of your VM desktop shortcut, you can edit everything.
When I start form the dock (a shortcut to Parallels.app not the VM) I just get the wizard to create a new VM. If I cancel out of this Parallels just quits ... but its all taken care of now by holding command key.