Hello, I purchased an iMac yesterday as well as Parallels Desktop 6 and Windows 7. When I click on Windows 7 Parallels Desktop it tells me "there is no operating system installed in this virtual machine." etc etc etc. I am needing some help as to what to do and I do not speak computer lingo well! Thank you!
Try the install again and take a look at this Knowledgebase article for steps you can follow: http://kb.parallels.com/en/4986
KYLEYT, it seems that you created a virtual machine, but did not install a OS yet. Put the disk in and start the virtual machine, it should work