Thanks, I'll try it out.
There is some confusion in what you have said here.
First parasolid does not support wireframe you may be reading a parasolid file into Mastercam that shows a "wireframe" in MC but you didnt export a wireframe from SW.
Iges should do the trick but you will need to export both solid/surfaces and 3d curves. For Mastercam Id suggest flavoring the trimmed surface (type144) and b-splines (entity type126) then select surface representation /system preference to "mastercam."
As for the levels in Mastercam, that is a problem that no one has found a solution for, or at least I hear the complaint everyday.
In the latest version of Mastercam which is X5 you should have no problem getting what you are after by opening the Solidworks Part or Assembly file directly. There is no need to convert it to a different format.
With any old version of a CAM software you are SOL to have the newer version of SW work...I know thats how it is and we need to either spend the bucks on the CAM update to work with the new version of SW or find work arounds.
Remember thats the only way the CAM guys can get you to buy the updates buy not supporting the newer versions of solids.
Now here is a work around, take the parasolid from SW 2011 and read it into your SW 2003 then open into Mastercam the same way you did before, shouldn't have the issues you are having now.
As a CAM guy myself been using SW and Surfcam since 97 together and have had some of the same problems between relases of SW I always have 2 to 3 older versions of SW on my computer to solves any incompatibility problems.
If you are tring to be current with SW you need to stay current with your CAM...cost money YES but then your not spending the same money on lost hours of productivity!!!!!!!!!!!!!!!!!!!