Dual boot Windows XP with Windows 7 home basic Already Exist

Hello

I have just buy a Dell Inspiron N5010 Laptop with Intel Core i3 M350 processor, 3 GB RAM, 320 GB Hard Disk and Windows 7 Home Basic already installed in it. I have some software that will require Windows XP. So, i want to install Windows Xp in my laptop in dual boot mode along with Windows 7 Home Basic.

Can i install Windows Xp in my laptop, if yes then how can i install it in dual boot mode along with Windows 7home basic, which is already installed. Does it cause any warrenty issue of my dell laptop.

Thanx