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f33e652
(Get the code!)
From what I can tell, Parallels 4.0 is completely different. I did not have to build a kernel module. I installed it on Ubuntu 8.04 64-bit (it also works on 9.10). From what I read, you can even run a 64-bit guest on a 32-bit host. I recommend the upgrade. I don't believe it will be affected by kernel upgrades (as far as I know).