Installing Ubuntu Feisty Fawn in Parallels - No Go

I am running Parallels Desktop 3188 on an 24″ Intel iMac, trying to run both Ubuntu and Kubuntu Feisty (just released…) in a VM but what’s going on here? No matter what I try and do I cannot boot with the boot cdrom ISO’s to a standard virtual machine. (The latest betas worked…) Both versions start booting for about 2 seconds then I see a Please Wait, and the screen clears to black and that’s it. I have left it overnight for both versions but that is all I get. I wish there were more to this story than just what I have here - but there really isn’t.

What gives??? Does anyone have any suggestions or had any better luck than me?

UPDATE: A solution was provided to the problem in the comments below.