In answer to my last post, I understand that I cannot use my CD drive for both OS at the same time. In order to use a Drive in my Guest OS, I heard that I need to "release" the Host's ownership of the cd. How do I do that? Also how do I release it back? Thanks to all for all of your support! David
In the case of the CD you need to ensure nothing in OS X is using it. No Finder can have it open (meaning it can't be showing it's contents0, you can't have a terminal session logged into it (type cd /), iTunes can't be using it - absolutely nothing. Now you go to the Parallels menu and you select Devices -> CD/DVD ROM 1-> Connect Parallels will break the connection OS X has (it will disappear from Finder and your OS X desktop if it was there) and Windows will respond just as it would if it were on a real PC. A Windows Explorer window should open with the contents of the CD showing.
