Yes, you can dual boot any two operating systems that support your hardware.
I suggest a software called EasyBCD to ensure good boot menu.
If you are installing windows XP, you will want to install XP first and your newer OS second, XP is really dumb in regards to drive letters; if you install XP second it would also overwrite your newer/beter MBR that was created by the newer OS.
If you are installing them on two different physical drives then you can just unplug the drive of the newer OS; the advice above is for only if it is on different partitions on the same physical drive.