Do you mean two separate versions of Windows Server,
each on its own partition, or a split version of Windows
server, with some folders on C: and others on D:?
Yes, you can do this. Simply specify the target partition where you
want to put the second installation.
A much neater approach would consist of using a third-party
boot manager such as XOSL (it's free!). It would let you install
each OS in its own partition, completely hidden from every
other partition.
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