What is the difference between Home and Host drives on my windows Virtual Machine (Parallels)?
Though your Parallels tech support service has expired, they do have Parallels Desktop for Mac forums, where you can ask for help, and find previous answers.

In particular, I found a relevant answer for you by eiraf-kr in the Parallels Forums.


  A user's "Home" folder is a common feature of Unix-y OSes, such as Unix, BSD, Linux, and OSX (since it's built up from a BSD core). You won't find any "Home" folder in Windows -- the closest you get is C:\Documents and Settings[username]\ instead.
  
  When you share your "Home" folder from your host Mac to the guest Windows machine, I think there's an option to have Parallels map the shared folders to Windows drives. (I say "I think" because I'm not in front of my Mac at the moment.) They'll then show up as extra drives in Windows Explorer, such as K: or R:.
  
  If you don't opt to have Parallels map your shared folders, I believe they'll appear under Network Places in the locations pane on the left of an Explorer window (this is for XP; I assume Win7 has something similar). Alternately, you can type \psf\Home into the Explorer URL bar. You can then opt to manually map such network paths to Windows drives for easier access. I've mapped my "Home" folder to the Z: drive in Windows, for instance.