Using both Parallel and Bootcamp

Hi,
I was wondering if it's possible to have both Parallel and Bootcamp.
For my Macbook Pro Retina, I plan to install Windows 7 using Bootcamp to run Solidworks.
But I also want to have Parallel to switch back and forth to quickly do different tasks other than CAD.
Is it possible to have both with one Windows 7 product key?
If having both is possible, how do I do it and  which one do I install first, Bootcamp or Parallels?
Thank you in advance

1. It is possible to use both Parallels and Bootcamp.
2. It requires reactivating the Windows side with the same product key.
3. Install Bootcamp first, then Parallels.
4. Please see http://kb.parallels.com/en/112941 for the necessary steps after Bootcamp is installed.

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    Id like to start a thread involving the 2. I am would like to get users of both to state their observations and personal opinions. Please take a few moments to add a comment.
    This is to help me and others when trying to decide which to use. I have no choice, I need XP on here, but I HATE the thought of it being inside my clean, pure Mac! lol
    Lets see if I have it correct:
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    -does not offer an "unpartiton" option. You must wipe the entire drive
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    Also in this case I believe both Parallels and Bootcamp have changed the personal computing world enough that I believe we need to examine them together in detail:
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    My work requires programming in Windows XP under Delphi. Yet I prefer Unix and OS X is Unix with a killer GUI. For many years I wanted a notebook that would give me everything in one nice package. The MBP is that notebook and I can only see them getting better and better. Mine has been the best notebook I've ever owned even with the little things like warped lid etc.
    Parallels simply put is the answer to a dream for me. All I need Windows for is to run my programming environment and test. I need internet/network connectivity. In Parallels I get all that and more.
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    In the event something goes bad in a Windows install... No problem. Quit the VM, copy the "good" file back in place and you've just gone back in time BETTER than any of the restore point stuff in Win XP ever could be.
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