Just downloaded the lastest release of of Ubuntu. And decided to install in under Parallels of which Im running the current latest version 5162. Unbuntu installer just seems to lock up while trying to install with no errors or warnings and can only be recovered by resetting the the VM.

There seems to be a number of users on the parallels support forums reporting the same problems and posting work arounds of installing Ubuntu 7.04 and preforming a distupgrade to get the latest version install.

For now Im going to poke around with the install some more and see if I can come up with anything that would help anyone else having the same problems.

Updated: See Ubuntu 7.10 install guide parallels 
and Installing ubuntu 7.10 on Macbook pro (parallels)