Has anyone actually activated Vista in a Parallels VM? And if so, which version of Vista did you activate? I have found that Vista Home Basic meets my needs fine in a VM (I know about Microsoft's license, but my question is can it be activated anyway.) I know Microsoft wouldn't support it but then I would never expect to use Microsoft Support anyway.
You technically CAN install and run any version of Vista in Parallels !! HOWEVER the EULA licensing agreement you agree to on the install states that only Vista Home Premium and Ultimate may legally be installed in a Virtual environment.