Yes you can do both of those.
You can either set up multiple email accounts in one Outlook Profile (not
sure about exchange mailboxes but certainly multiple accounts of all the
other email types) or you can set up a second and subsequent Mail Profiles.
You can do this with profiles - but only one profile can be open at a time.
If you need two profiles open, you can do it with windows accounts and fast
user switching, assuming your OS supports FUS.
You can have LOTS of accounts defined in Outlook. So just what did
happen when you tried to add another account in Outlook?
Only 1 instance of Outlook can be installed inside the same instance of
Windows. That is, only one version of Outlook can be installed. If you
want to use different versions, you'll have to uninstall one version to
then install the other version.
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