No. Boot camp needs a real partition. But you can create a boot camp partition, install Windows in boot camp, and then also run that same partition from Parallels. I do that all the time. You cannot suspend your boot camp parallels session for quick resume, the way you can with a virtual disk. You can pause it, and that's fine as long as you don't restart OS X, but you have to shut down cleanly from the Windows start menu before rebooting. If you forget, you will probably damage your Windows installation. The safest thing is to always shut down if you will not be using Windows for a while.
Thanks for the info. I guess my only option when creating a Boot Camp partition is to create it on a start OS X startup disk. I don't think that I can create a Boot Camp partition on one of my external USB drives.
Yes and no... Some people have worked around their BootCamp to go off of a drive other than a start-up disk. Note, this is NOT supported and there have been issues with it, but there has also been success. If you are deeply technical, you might want to look into it. If you just want BootCamp. Get Acronis Back-up (the trial will do) and image your Windows from inside your VM. Now, get your BootCamp set-up and 'Restore' the Windows to your BootCamp partition. Now BootCamp should have you data. Just make sure you get those BootCamp drivers installed after the restore, and you un-install parallels tools prior to the back-up. Now, point your Parallels at your BootCamp partition, boot and install Parallels tools. It should all work now.
