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ParallaxTest is an unfinished shader since <Alien Swarm> (although not available in SDK 2013) which draws parallax mapping on an albedo. Alternative to the disabled $parallaxmap shader parameter. Accepts only a $basetexture, of which the alpha channel is used as the heightmap.

Successful implementation, by placing a surface using Modulate shader, to fake lightmaps ontop of the otherwise fullbright parallax mapped texture. Click to see animated preview.
Bug: The material will always be drawn unlit.
Note:There's a workaround for this bug, as lightmaps can be faked with Modulate shader

To do: Document/test more of this shader!