Can I use Win7 under Bootcamp + WinXP under Parallels together?

[iLondoner]

I'm currently using Parallels Desktop to give me access to Garmin Mapsource (there is no viable Mac alternative) whilst in OS X.

I'd like to get rid of a rather flaky machine on the network which is running Windows 7 so was thinking of sticking a partition on the machine to run this via Bootcamp. Any pointers to look out for?

Presumably if I changed the Parallels setup to Windows 7 (instead of XP) there is no way the two can share system and application files?

Edit: the host system is a late 2012 iMac running Mountain Lion

 

[zone23]

One odd thing with Windows/Bootcamp/Parallels is that on my machines I have to activate Windows twice once in bootcamp and once in Parallels. Thats said I just pick up the phone and call MS and activate through Parallels. Not a big deal just pointing it out. Windows thinks it one two different machines. Other than just making sure you create the windows driver cd I didn't really have any issues.