Moving to external drive

I've been running Parallels on a PowerBook Pro for about 3 years (at v7.0 for some time) with no problems. Have a 55 GB partition for the windows installation, running an old copy of Windows NT. Works fine, but I want to get rid of the partition on the internal hard drive and move it to an external. What are the step-by-step procedures to do this? The .pvm file is only 23.3 MB, so that isn't much of a problem, but that can move too if it makes sense.

 

so it based on the following - if it is Boot Camp partition or not.
If it is BC - you need to:
1) import BC to virtual Machine (VM) from File menu > Import BC
2) Move pvm file to external Hard drive
If it is not BC:
1) Just move the pvm file and double click it - it will register a new location of the pvm file