Enter BIOS on intel iMac

Mac don't have BIOS, Macs use EFI. Apple has made the EFI not accessible by users so changing something won't be easy. What exactly are you trying to change?

You can't use virtualization (Windows XP in Windows 7) inside virtualization (Parallels Desktop in Mac OS X). Maybe VMWare Fusion or VirtualBox might support it (I haven't checked) but there would be problems.

If you're not trying to use Windows XP in Windows 7 in Parallels Desktop, then the problem is with your Mac. What kind of Mac are you trying to install on? What version is the firmware? Is there a later version of the firmware?
http://support.apple.com/kb/HT1237

Prattcmp said:

But now I am confused since you say macs don't have bios.

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BIOS isn't synonymous with computers: Windows based computers have BIOS; mac have EFI.

Is this your first install of parallels, and what version, what partition did you install in.
You might try posting on the following link, you may get more help.

https://forums.macrumors.com/forums/86/

Parallels is looking for VT x which is Intels hardware virtualisation code they use in some of their high end CPU's to improve performance, the consumer Macs ( Mini, iMac, MBP) dont have it or its disabled, the Mac Pro Xeons do AFAIK. You can't do anything about it, just use Parallels as usual.

Intel VT-x is not disabled in any Mac.

http://support.apple.com/kb/TS2744

Intel VT-x technology is enabled on Intel-based Macs. Make sure your Intel-based Mac has all available EFI updates installed; also update any third-party virtualization software.

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Only Parallels 6 is fully compatible with Lion, AFAIK.

Hellhammer said:

Mac don't have BIOS, Macs use EFI. Apple has made the EFI not accessible by users so changing something won't be easy. What exactly are you trying to change?

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I'm pretty sure you can get in to the EFI shell through a Loader like rEFIt

Have you tried re-installing parallels?

Install VirtualBox to test and see if you get the same issue.

https://www.macupdate.com/app/mac/24801/virtualbox

This will help eliminate which part of the puzzle is the cause.

Are you using a Developer Preview of Lion?

Those issues are only known in the DPs.

Upgrade or clean install?

The method in the following link fixed this issue in previous releases of Parallels 6:

http://www.nightlion.net/reviews/osx/2011/getting-parallels-6-to-work-in-osx-lion/

It is no longer needed in the most recent release.

Did you upgrade from SL or install Lion from scratch?

I posted a link to a fix via an edit in my previous post.

Prattcmp said:

What do you mean?

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when you installed your OS (Lion, SL) did you upgrade from another version? ie SL -> Lion or did you wipe your hard drive and fresh install your operating system

issues sometimes arise from an upgrade, but a clean install is really the way to go so there are no conflicts/dependencies that are broken.

There must have been some sort of error during the upgrade if both Lion and Parallels are up to date.

You can repair your installation with the recovery partition to try to avoid having to use that hack to fix the issue.