I have been using parallels with mac os x to run windows. Created a parallels vm from my winclone image. Is there a capability to create a bootable windows drive (external bootcamp?) from either that winclone backup or my parallels vm?
The disk file for your VM should be able to live on any drive (even external). I have done this with VirtualBox many times. Not 100% sure about Parallels.
I believe you can create an external bootable version of an existing Windows by using WinToUSB. I have definitely used WinToUSB for a new installation and that definitely works too.