Both Parallels and Fusion can boot from your boot camp partition.
There should be no need to reinstall anything. You just create a new Virtual Machine, point it to your boot camp partition and boot it up.
Boot up Windows 7 as needed, quit Fusion (or Parallels) when you are done.
I run Windows 7 via VMWare Fusion on my Mac's and it has worked great for me.
You can run Windows 7 in full screen mode, in a window, or even as separate apps/integrated window mode (called Unity on Fusion)
You don't even need to shut Windows 7 down when you are done. You can "pause" the OS (puts it to sleep so-to-speak) so when you launch it again, it's right where you left off, no need to wait for the OS to boot up or anything.
Personally, I prefer VMWare Fusion, but Parallels has worked well for me in the past as well.