Several suggestions:
1. Make sure you have VT-x on for this particular virtual machine.
2. How much RAM do you provide your VM with? Try to alter the amount - raise or decrease it.
3. If still no go - will you please try removing virtual devices from your VM one by one? USB, sound, Network, CD/DVD... until only HDD is left. This will help to understand if the problem is in some of them.
4. In the worst case - do you have previous build where it works by hand? Can you make sure Vista still works with it?
Also, please attach your fatal error report. They are stored at /Library/Parallels/bugreports. The last .txt is what you're looking for.
Best regards,
Tim