Is there a way to use bootcamp to switch between Windows and OSX without restarting the laptop. I don't really want to buy any virtual software like VMWare or Parallels.
Unfortunately, this is not possible. You can't run two operating systems at the same time without any extra software.
With that said, Parallels Desktop does exactly what you want to achieve, it runs the OS in a virtual mode, the only downside being it's shareware, therefore pricy. Using a third party software is however the only way to achieve what you're trying to do.