I am looking for the best way to run PC applications on my MacBook Pro (one being Dragon Naturally Speaking Medical which requires a fair bit of RAM and memory) and am wondering whether Boot Camp or a virtual machine in the Parallels environment would be most effective. I would like to have easy access to medical reports that were written with Microsoft Word:Mac so I am assuming easy navigation between the systems is a must.
Since you are working in a laptop environment where memory can sometimes be limited, I would highly suggest going the route of setting up Windows using Bootcamp. The setup process for this is fairly straightforward (it walks you through the whole thing). If you haven't already purchased Dragon; however, there is a Mac version available. If you are planning on running any smaller, less-RAM hogging Windows applications, there are also a number of potentially-buggy options available (such as WINE) for porting those to OS X.