You can link two /projects/ in parallel.
You cannot link a single project in parallel. This is because Incredibuild is not a compiler or linker itself - it is just a coordinator on top of the existing VS tools. It spins up multiple instances of the compiler for different source files but the VS linker can only be invoked once to link an entire project.
I used Incredibuild for a while but it has some bugs with edge cases (e.g. ActiveX interop wrappers) that caused too much trouble. Add to this that Visual Studio can do multi-threaded compiles anyway makes it not worth the money. (Aside: it is undocumented, but you can do multi-threaded compile in VS2005 by adding /MP C++ project properties.)