I feel SO much better now.  I really did think Explorer mounted the disk, I just wasn't at a computer which had PD installed so I could not verify it until now.
Mounting my XP hdd file in Parallels and then looking in the Volumes folder you see the following:
xxxx: wingdo /Volumes  $ l
total 8
drwxrwxrwt    4 root    admin  136B Jul 28 16:50 .
drwxr-xr-x   35 root    wheel    1K Jul 27 20:42 ..
drwxr-xr-x    3 wingdo  admin  102B Jul 28 16:50 .PEVolumes
lrwxr-xr-x    1 root    admin    1B Jul 27 20:42 Macintosh HD -> /
xxxxx: wingdo /Volumes  $ 
The .PEVolumes will have every volume mounted with Parallels Express.  As you can see, it is fully mounted.
xxxxx: wingdo /Volumes/.PEVolumes/.PEVolume{35102ce5-252e-44cb-adc9-73f1ef92a18
9}  $ l
total 4806636
drwxr-xr-x   1 wingdo  wingdo          0B Mar 15 20:27 $Recycle.Bin
-rwxr-xr-x   1 wingdo  wingdo          8K Mar 15 23:16 BOOTSECT.BAK
drwxr-xr-x   1 wingdo  wingdo          0B Mar 15 23:16 Boot
drwxr-xr-x   1 wingdo  wingdo          0B Nov  2  2006 Documents and Settings
drwxr-xr-x   1 wingdo  wingdo          0B Jun 11 23:14 Program Files
drwxr-xr-x   1 wingdo  wingdo          0B Nov  2  2006 ProgramData
drwxr-xr-x   1 wingdo  wingdo          0B Jul 18 11:43 System Volume Information
drwxr-xr-x   1 wingdo  wingdo          0B Mar 15 20:27 Users
drwxr-xr-x   1 wingdo  wingdo          0B Jul 18 11:19 Windows
-rwxr-xr-x   1 wingdo  wingdo         24B Sep 18  2006 autoexec.bat
-rwxr-xr-x   1 wingdo  wingdo        428K Nov  2  2006 bootmgr
-rwxr-xr-x   2 wingdo  wingdo         10B Sep 18  2006 config.sys
-rwxr-xr-x   1 wingdo  wingdo       1023M Jul 18 11:04 hiberfil.sys
-rwxr-xr-x   1 wingdo  wingdo          1G Jul 18 11:04 pagefile.sys
					 
				
			
			
			
		 
		
		
		
			
			
				Last edited: Jul 28, 2007