Somebody posted earlier wondering what the deal is with Aeris's parasol, but I think it got deleted because of the trolls. Anyways, I was going to answer:

The Parasol is a special weapon for Aeris. It has a slighter higher attack power and attack percentage than her Ultimate Weapon Princess Guard, but it has no materia slots and no materia growth. To get you, you need to get a good score on the Speed Square game during Disc 1. Some guides I've seen say as little as 3,000 points, others say as many as 5,000. I'm not sure which is the actual value, so if 3,000 doesn't get it, try for a higher score.

Yes, it is: http://squareamp.com/ff7/index.php (check out the Aeris section there)

It also looks kewl to swipe around.

<font color=red face="comic sans ms">Yeah, you need 5000 points to get the Umbrella (that's what it's called here, I'm guessing it's called Parasol in the American version or something), and you can only get it on disc 1 for... obvious reasons. I usually get it but don't equip it, I just like having all the weapons for no apparent reason. All the characters have a weapon with no materia slots, and it is usually the msot powerful weapon that character can have at the time you get it. I don't use them though, I like my materia slots. ;)