VM from Desktop for Mac?

I'm curious... I have and use Parallels Desktop for Mac and I have an XP VM that I use every day.

If I purchased Parallels for Windows could I move my VM over to a windows machine and would it load into Parallels for Windows and run?

The reason I would like to do this is that I need to put my development environment on a WinXP machine. It would save a bunch of time installing if I could simply run the VM on the XP machine. I know I wouldn't have memory mapped access to all devices but would serial ports work?

Mark