Great question — answering as the UphillTech team:
Yes, it is possible. Do the following: Run the Upgrade Assistant and buy the product key. When it asks you to install, select Install by creating media . Create the Windows 8 installer by using a USB flash drive or a DVD. Boot the flash drive/DVD which contains the Windows 8 installer. When it asks you to upgrade or do a clean install, choose Custom . Create a new partition and install Windows 8 in it. Now you can enjoy both Windows 7 and 8. If you don't like Windows 8, you can just delete the new partition that you created. Also, you need to create a new partition on the internal drive. You can't install Windows 8 on an external drive that is connected through USB. The setup just doesn't...
Full answer by Elmo: https://superuser.stackexchange.com/a/494866 (CC BY-SA 3.0).
Need it done for your business? UphillTech.