BriteMac has just released VM2Go 1.2, the first third-party application for Parallels.
VM2Go allows you to migrate your Parallels virtual machines to removable media such as an iPod or USB thumb drive. This would allow you to run your VM in a secure environment from any computer with Parallels installed. In addition, the software will also allow you to backup your VM quickly and easily.
BriteMac offers a free trial of the software on their website.