You don't say which operating systems you want to use, but the answer is
yes. However, there is a procedure for this. The master drive will be
classed as drive C:. This is the drive the system will boot from. Therefore
you need to install the 'oldest' operating system on this drive first - by
oldest I mean windows 98, Me, 2000. Now let us assume you also want to
install windows xp. This you install on your second (slave) hard drive. On
booting your machine a menu will then appear asking if you want to boot to
Win 98/Me/2000 (whichever you installed on the master drive) or Windows XP.
I currently run my system on two hard drive. The master drive contains
Windows XP home and Windows XP Professional (on two separate partitions).
The slave drive runs Windows server 2003, Windows Longhorn and Windows small
business server. On bootup all five operating systems are listed and I
choose whichever one I want to use.