Parallels with Vista Home Premium - I know, I know...

OK, so we all know that Microsoft doesn't want anything but the high-end versions of Vista running virtualized and their EULA says as much. From a purely academic perspective I'm wondering if it is technically, not legally, possible to do what I'm hoping to do:

1) Install Vista Home Premium with Boot Camp
2) Install the latest Parallels
3) Virtualize the Vista Home Premium install via Parallels for whenever I don't feel like rebooting and don't need the full power of a native Vista install.

I think I read that Parallels won't let you select a Vista Home install for virtualization from within the custom machine setup (but haven't since been able to find the post that says as much).

Any help is much appreciated!

well technically yes it is possible. however, since it's technically also not legal, you're not going to get much of a response here...