If your Mac does not work with Vantage Point 1.60. Please try this technique which comes from the Tritonforum.com and a member called "martowl"
..."Parallels allows you to use your Mac home as the Windows home. In your configurations for the Virtual Machine in Parallels" I believe it defaults to using your Mac home for the Windows home folders.
You need to uncheck the shared profile so that Windows has its own home directory. You can now run 10.6.2, Parallels 5 and Windows XP."...
This solution also works for Mac OSX 10.4.11 - Parallels 4 - VP 1.60