Two months ago, I removed the SuperDrive from my MacBook Pro in order to installed a striped RAID. Today, I upgraded Parallels to version 3.0. The new version automatically converted my virtual disk and booted up with no problems, but upon starting up, Parallels Tools refused to install, citing the lack of presence of a CD-ROM/DVD drive as the reason for its failure. I plugged in my external SuperDrive (which is supposed to do All Things SuperDrive), but the VM editor couldn't find it. Lame. The solution was to edit the VM and point the CD/DVD-ROM drive to the disk image /Library/Parallels/Tools/vmtools.iso. Problem solved.
Also, I have never been able to have ||s reanimate a suspended virtual machine withing having my install of Windows XP bluescreen. Maybe this version will fix the problem. :) (update: NOPE!)