Software needed to use Windows software on my Mac

Hi,
I know this is probably a question that has been asked before, but here goes. I need to be able to use some Windows only applications on my iMac. I am thinking Parallels. My question is, do I also need to buy Windows for it to work? I've been to several websites for info but just can't find the answers.  Thanks a million.

I have a Macbook Air and do use Parallels for running Windows. I will just give a brief summary of my experience to hopefully help people decide. In my experience running Parallels or any VM software has some serious drawbacks. For one, you have not only Apple's OS running but then you have a application running in OS X trying to run a full fledge OS of Windows in that. In other words your adding a lot of potential problems. In one word I can say for all of its complexity it does run rather well if you can accept its limitations. Be sure you have enough RAM and consider 4GB a minimum if your also running Lion OS X. Botom line I think BootCamp is not only cheaper but better for running Windows. You already have to buy a full version of Windows (although their are cheats). Plus Bootcamp runs Windows natively so your not dealing with all the issues of a virtual machine. I tend to agree with some that if you need to use Windows enough, I probably would consider buying a cheap PC for that. I ran Windows on Parallels for a while but ended up adopting my wifes old PC laptop when she bought herself a new PC. I've suggested to some to buy a refurb PC laptop or off lease one. Cost of that vs buying Virtual software like Parllels or Fusion and a copy of Windows is most like less. My preference in order. 1. Windows/Bootcamp
2. Buy cheap Windows PC 3. Use VM software on Mac if you absolutely need both on one machine.

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