geofelt :
Good question.
I have heard conflicting opinions.
Some say that a w8 upgrade will invalidate your w7 license.
Others say no.
Is there some capability of w8 that makes you want to do an upgrade?
An UPGRADE invalidates the W7 license.
You need to purchase a new copy of Windows if you wish to dual-boot. I think that's a waste of money since Windows 8 arguably adds little. I recommend W8 for new systems but NOT if you already have Windows 7.
If you still want it, then it works THIS way:
1. Buy Windows 8.1 64-bit OEM ($95)
2. Read how to properly install as Dual-Boot W7 and W8 and do it
(basically, just insert the W8 Install disc and install to a separate drive and it should configure the dual-boot)
3. Install all the proper drivers, software, apps etc.
You'll then have BOTH copies of Windows working, with a choice on boot-up as to which to use.