It's really very simple. The PAR is just another disk drive. Like DF0 for the floppy or DH0 for you hard disk. Did you install the PAR 2.55 software? You need to do this to test the card as well as format the drive so it can be seen by Workbench. Once the software is installed and your PAR formatted then you just use it like any other drive. So when you render in Lightwave you just point it to the PAR drive. Then you can use the PAR software to run the animation on the PAR drive. One of the apps installed when you install the PAR software is the PAR VCR that pop up a GUI like a VCR allowing you to play, rewind, etc your animation.
Hope that helps!
Bill