Parallels and Bootcamp

I recently installed Parallels to run Windows 7 on my iMac. I have Win 7 installed under bootcamp and it works fine. When I installed Parallels, I chose to use my Bootcamp installation as my Win 7 source. It works fine, but I keep getting a message that says "This copy of Windows is not genuine". Ok, so I understand that I need to "activate" the windows on my virtual machine under parallels. My question is this: If I "activate" windows on the Virtual machine under parallels, will I still be able to boot natively using Bootcamp (holding the Option Ket and selecting Windows)? In other words, can both be activated or is it one or the other? Would appreciate hearing from folks who are running Parallels and used the bootcamp install as the Windows source.