While reading the massive book AKA User Manual of Parallels 5, I stumbled upon a feature called "Parallels Transporter". It says that this feature allows importation of selected volumes or whole physical machines or any other virtual machine right into Parallels 5, it doesn't say if this feature makes use of this USB cable but I would start there. to access this feature start Parallels, the go to File>Import. Good Luck.
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NOTE: It turns out that this feature does make use of this cable and you can transport the physical computer over to the source Mac via USB, FIREWIRE, or NETWORK, which is the fastest.
While reading the massive book AKA User Manual of Parallels 5, I stumbled upon a feature called "Parallels Transporter". It says that this feature allows importation of selected volumes or whole physical machines or any other virtual machine right into Parallels 5, it doesn't say if this feature makes use of this USB cable but I would start there. to access this feature start Parallels, the go to File>Import. Good Luck.