Windows 7, Parallels 6 & Bootcamp

Hello-- I know this has been discussed a lot but I haven't seen definitive answers to the following questions.

The ideal scenario : Running Parallels 6 in the Mac environment for most Windows 7 programs.
Run bootcamp for cutting edge games like flight simulators.
Run Windows 7 in both cases in the Bootcamp partition.

Please answer if you have actually set up this situation and know it works.
Questions:
1. What order do you need to install Bootcamp and Parallels 6?
2. Do you need to register MS Windows 7 twice (once for Parallels and once for Bootcamp)and does MS allow this?
3. Can you install new applications from either Parallels 6 or Bootcamp and have the apps show up in the Bootcamp partition.

IMac I7, 27", 8GB , 2 TB drive-- 300 GB Windows 7 Bootcamp partition.