Is Parallels really that slow? (Specs are for Pentium 90 w/16 MB ram)
Paralells would probably run it just fine, presuming you give it enough ram. However I still wouldn't recommend it over boot camping as a) adding a level of emulation makes more complexity and more failure points whereas bootcamp is running windows natively and B) once you get that running, you're probably going to want to run more games, which parallels may not be able to keep up with.
Boot camp is also free, parallels costs money, so if you have an intel mac, I'd always boot camp over parallels for games, although running windows in a closeable window has it's charms.