I have Parallels 3.0, and Vista Ultimate, and 3D web content is still running under software emulation. Do I have to do something in particular to get Parallels to use either OpenGL or DirectDraw?
The virtual machine never sees your hardware directly - it sees a virtual video card created in software by Parallels. You enable DirectX support in the Virtual Machine editor. Select the video option and click on the Direct X Support check box.