Installed Parallels Desktop for Mac successfully. Tried to install Windows XP Pro and got an error: One of the components that Windows needs to continue setup could not be installed. Data error cyclic redundancy check.
You don't say which version of Parallels you are using, but if it is a recent beta or release candidate you might try using the image tool to create an iso image of your install cd. Any other tool that can create an iso image will work, too. The idea is to eliminate the media as a possible source of trouble.