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You may have to shutdown your VM before the option is available to you. I don't remember exactly what I did, but it is possible to do. Maybe...
Turning off 3D acceleration under Virtual Machine>Configure>Video helped me with some of my video issues.
I have a similar problem with Parallels 5 and OS X 10.6.1. I'm using Win XP SP3 as the guest OS. Some stations on TVAnts work and others are...
