I experienced a strange event (to me, at least) today. I upgraded to Parallels 7 with the latest build (15052) from release 6 two days ago. I use an existing WinXP VM which has worked with few flaws for years. Today, the VM was in the background with no apps running when it suddenly went into an automatic reboot and restarted with a note that it had crashed. I sent the automated error report off to Microsoft and IE came up with a page from Microsoft saying my BIOS should be upgraded. After 5 years of Parallels use with this VM, I've never seen that before and have no idea how Parallels fakes the Intel BIOS. The VM was manually rebooted again and so far seems to be fine. I think I can ignore the BIOS suggestion but would appreciate any thoughts from anyone.
The only thing you can do is reinstalling Parallels Tools, just in case they weren't correctly upgraded.