Can I have 2 optg. system in two partition in Hard Disk of my Desktop ?

I am using Windows Vista with Home Premium 32-bit (a license copy), preloaded in my Desktop by DELL from 20-02-2007. Prior to that from July, 2002, I was using Windows XP Professional Pack 1with Home (a License copy of version dt. 25-Oct-2001). Since I have to go in another State for a new Employment, I gave the IBM Desktop to my friend. But the CD with O.S. of Windows XP pack1 is lying idle with me. I want to install the same in another partition of Hard Disk in present Desktop-DELL. I have partitioned my Hard Disk for the purpose - C:\ and D:\. Now, I want to know, before proceeding further - is my scheme is feasible ? Will both O.S. will work in two partition with regular updation ? Certainly, I will give more time in using Windows XP Professional if successfully loaded in D:\ because it is more compatible with my professional requirements. I am inviting suggestions from any learned Friends.

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