Defense Value and Raging

When a character "rages" in Conan (either through the Crimson Mist ability or Fighting Madness feat) they incur a -2 penalty to Defense Value. At the same time the character's +4 to Strength imparts a +2 bonus to Parry.

Would an "enraged character" have a net +0 to Parry and a -2 to Dodge or would he have a net -2 to both?
Don't have the rulebook with me so I don't know if level affects anything. Just from the example you've given. DV goes down by 2. So, that means both parry and dodge take a -2. Then, if the bonus to STR makes parry go up 2. Then, indeed it would be +0 to parry (unaffected) and -2 to Dodge.
This is simply a question of stacking bonus types. All you have to remember is that like-named bonuses do not stack while bonuses with different names or unnamed bonuses do stack. Fighting-madness gives you a unnamed +4 to Str which in turn affects the bonus type "Str mod". The feat also gives you a -2 unnamed penalty to DV. Since the new Str mod is named and the penalty is unnamed they stack. Result: a net +0 to Parry DV. I'm sure you can figgure out the rest.

Hope that helps.