Yes, this is straightforward to accomplish. Boot from a live CD, and set up your disk partitions the way you want them. I would suggest a 5 GB partition for each of the two operating systems, a 2 GB swap partition and all the rest of the disk in one partition for your data.
You can install the operating systems in either order; most versions of Linux "play nicely" with all other operating systems. I have one test system at home that contains 15 different distros of Linux, plus 3 releases of Windows, and can boot into any of them.
This was first published in November 2006