Can I have two versions of Parallels while upgrading from XP to Windows 8.1?

I want to install a newer version of Windows, currently running XP on 32bit.

Realise there is no easy way to upgrade from XP to 8.1 and I will lose all the installed programs, settings etc though I REALLY dont want to risk being without a couple of them long term (for work) if I experience issues with the new install - so would like to have ability to run the XP version if I need to until the 8.1 install is working fine with all programs working again as they should.

Im running parallels version 9, intending to upgrade to version 10 - better to do before or after this work?
My desktop is a 2.8 Ghz i5, 12 GB 1333 Mhz DDR3, with Yosemite 10.10.2

Thanks in advance (from someone who struggles with software installs!)

 

Anyone?

I guess if I can still just buy the upgrade version of Parallels 10 and create a new virtual machine that I can install windows 8.1 on WITHOUT deleting the old one, leaving it operational at least for a little while.
If anyone knows if thats possible - please let me know!!
Cheers

 

Hello Julatron,
Yes, you can upgrade to Windows 8.1 from Windows XP with out loosing the previous version Windows ( Windows XP ). Please follow the steps suggested at http://kb.parallels.com/115114 to know how to upgrade to Windows 8.1 and keep your current
Windows XP virtual machine.

 

Thanks, I'll give it a go!