I upgraded to Snow Leopard, not realizing that my version of Parallels was incompatible. Now I can't access my Parallels Windows drive (located on an external hard drive). OS X moved Parallels to a folder titled 'Incompatible Software'. Is there some sort of update I can apply so that I can at least access my files and move them to a more up to date machine?
You can download the trial of Parallels 7 (it will have to convert the VM to be compatible with the newer version) access your files and save them somewhere else. Or, if you are going to install Parallels 7 on a new machine you can open the old VMs there.