I've got Parallels and if I was to install boot-camp, can I use the same partition or does it have to be on a new one? I'd rather not have to lose more hd space if required.
This one is easy ... yes. Create the BootCamp partition first. I am guessing you mean to install Windows inside the BootCamp partition. When you install Parallels, it will see your Windows install in BootCamp, and let you use it. BootCamp is really just designed for running Windows on a Mac. If you want to do something else like Linux, then use Parallels.
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