I had to Google that, it's actually spelled Parallel. But I think you are allowed one reload if you change certain things like motherboards. It wouldn't hurt to phone the MS helpline and ask though. It's toll free call. They let me put it on a third system when I phoned them.

It seems it would work but at a performance cost of some sort. I don't have any Apple products or software except Applets for video viewing on windows. I came across this, so I quote the following:

The downside: performance. Emulation requires translating software instructions meant for one CPU into instructions designed for another, and - like translating from Chinese to English - it's inevitably slower than just working in a single language. Because they are designed at a low level specifically for the PowerPC CPU used on pre-2006 Macs, emulators like Virtual PC and Guest PC don't run on the new Intel-powered Macs.

Virtualization
But because these new Macs use the same Intel CPUs as other PCs, there's no longer any need for those sorts of translations. Instead of emulation, software can make use of virtualization - letting the Intel CPU set up a virtual Intel-powered computer running in a portion of the computer's memory.

Without needing to translate instructions from one CPU to another, performance can be much better - much closer to full speed.

Virtualization software has become increasingly popular in some IT circles as a way, for instance, for programmers running Linux to write code for Windows systems, for help desks to support users running multiple Windows versions, or for network servers to serve applications designed for a range of operating systems. Perhaps the best-known product in this category is VMware, with products for Windows and Linux, including the free VMware Player.

Microsoft has also been active in this area with the Windows version of Virtual PC.

None of these PC virtualization products let users support Mac OS X as a "guest" operating system, and neither VMware nor Virtual PC have software that will run on the Intel Macs.

Parallels Workstation is not as well known as the major players, but the company has virtualization products available for both Windows and Linux. And now it's first off the mark with a version for Mac OS X on Intel.

I have actually put FSX on 4 different computers, and one of which had been re-downloaded 3 times, when it says you run out of activations, just call and tell them you had to re install because of hard drive problems....i wont tell....