What you are suggesting would work if:
a. your Parallels instance was on a physical partition rather than in a file, which it probably is
or,
b. you clone your Parallels virtual disk to a physical partition.
You might find it easier to backup your data files, then reformat the Parallels installation and reinstall your workspace with a new Administrator login.
I recommend that you get a password program like 1Password to store your passwords in. It helps, especially if you are like me and forget passwords when you don't use them regularly.
Last edited by Sturner; 01/20/11 08:57 PM.