Similar problem. XPsp2 and MSOffice 2003 under Parallels 5 and OSX 10.6.3. Also MSOffice on Mac side. If I launch a web link from within Entourage AND the Parallels XP VM is running, even suspended, the link opens in Explorer on the VM instead of in the OSX environment. Can I disable the application link between the two environments? I NEVER want an application within XP to know about applications on the OSX side, nor do I want applications in OSX to "know" about applications, running or not, in the VM. And I certainly don't want preferences in one environment affecting preferences in the other environment.
