Great question — answering as the UphillTech team:
Yes of course, you will need a separate hard drive or partition on which to install the second version. During the installation of the second version of vista Windows will wipe your MBR only allowing you to boot into that second version of windows. To get around this install GRUB as the bootloader ( guide here ) after installing the second version and you then you should be fine.
Full answer by lyarwood: https://superuser.stackexchange.com/a/92361 (CC BY-SA 2.5).
Need it done for your business? UphillTech.