I set this up using the Microsoft Word add in available here:
Word add-in for parsing (created from a user in this forum)
I open a secondary browse window for viewing the passage and can still see the analysis window. In the background the full Bibleworks window is open and I leave room at the top to click on it if I need to run a search (you can also hit CTRL, ALT, TAB to simply access the window switcher for all your open programs).