Splinter Cell Conviction works with Parallels but not Bootcamp

Hi,
I'm trying to install Splinter Cell:Conviction on my 27" i7 iMac using Bootcamp and Windows 7 Ulitmate, but I keep getting this error message when I try to open the "setup" button:

>SetupNew\setup.cpp (138)
PAPP:
PVENDOR:
PGUID:
$14.0.0.162
@Windows XP Service Pack 2 (2600) IE 8.0.7600.16385

What doesn't make any sense is that when I try to install the same thing in parallels it works perfectly (but can't utilize all my system, hense using Boot Camp)

I've been searching for days to find an answer but can't figure this problem out.
Any help is much appreciated.

Yes, I did try the troubleshoot compatablility mode and that did nothing.
However, I was able to get the game working by making the Bootcamp partition a VM through Parallels and installed it that way. Then, I booted into Windowed via Bootcamp and played the game.

EDIT: I've also had to use this method of installing in a VM then playing in Bootcamp for other games like Fallout 3 or the Orange Box.