* Noun: When referring to a package or a small bundle of things.
* Verb: When it means to divide or distribute something into parts, or to enclose something.
Here are some examples:
Noun:
* I received a parcel in the mail today.
* He carried a parcel of books under his arm.
Verb:
* The land was parceled out to different owners.
* The document was parceled into several sections.