Parallels has released to beta testers a glimpse of the next version of its Mac OS virtualization software. Among the changes are a redesigned user interface, and tighter integration with Boot Camp.

For the first time, Parallels would be able to use a Boot Camp partition with a copy of Windows XP installed as a virtual hard disk drive. This would negate the need for the user to restart his or her computer to access the Windows partition. With the current implementation of Boot Camp, the computer must be restarted and the operating system selected at that time. Only one operating system can be run at any time, although Apple is rumored to be building virtualization into the next version of Mac OS X, code named "Leopard."
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Parallels, Offer Major, Virtualization Update