Parallels AND Bootcamp?

I just received a new MBP and it has Parallels already installed running windows XP. The only thing I ever anticipate I'll need Windows for is gaming so I figured Boot Camp is the way to go, but just in case, I'd like to keep parallels around. My question is this: I don't have the disk for XP to install it in Boot Camp. I do have a Vista Ultimate disk which I can use but it seems stupid to have two Windows systems on my computer. I'd like to use a single installation of Vista for both Boot Camp and Parallels. Is this doable? And if so how do I go about setting this up? I've never installed an operating system on a computer before so I'm not sure how this all works. Any help would be coated in chocolate and dipped in sprinkles.

ETA: I have Parallels 4, in case it makes a difference.

Yes, it's doable, and it's quite simple actually. What you want to do is install Windows via Boot Camp first. Once that's all set up, you want to create a new virtual machine in Parallels, but instead of doing a new Windows setup, pick the option to use your Boot Camp partition. It'll do its thing for a few minutes, and then bam, you're good to go. Yep, it's really that easy.

Thanks for the response!

So to clarify: I get Boot Camp up and running with my Vista disc. Then I go to 'new virtual machine' in Parallels and option to use my Boot Camp partition. Then, can I simply delete XP from the Parallels folder and be done with everything or will that just muck things up? I'm sorry if this is woefully ignorant but I've never used Parallels before and I'm baby-spankin' new to this whole Windows on Mac phenomenon.

You are correct. Once you've got the Boot Camp partition working in Parallels, you can remove the XP VM... if you want to.

Is there any advantage to keeping it? It takes up 2 gigs so if I don't need it, I'd just as soon get rid of it. I've had macs for some time now so I have very little recent experience with PC os's

If you ever want to use it, then keep it. If not, then toss it.

Is it any better than Vista? I've not used either much so I have no idea. Another small issue. I installed Vista with Bootcamp and everything works ok (a tad buggy) but I can't use my trackpad to right click. I checked the 'secondary click' box in the Boot Camp control panel but still nothing. I can't control click, 2-finger click, or use the corner. I have no means at all of a right click. Weird. Any thoughts?

ETA: I can use the full gambit of trackpad features when running Vista in Parallels, just not Boot Camp. Also, my clock won't synch. It's either correct in Boot Camp and very wrong in Mac, or visa versa.

Two finger click in Windows via Boot Camp is placing two fingers on the trackpad and then pressing the button.

Yeah, I know that much. I'm not THAT new . It doesn't work for me for some reason. I use it in OSX all the time but for some reason it does not function in Boot Camp. Nor does control-click or any of the option keys. Put simply, I have zero means of executing a secondary click when I'm in Boot Camp. No clue why.