Multiple versions of Python / PythonWin on the same machine?

[dananrg at yahoo.com]

I have Python 2.1 / PythonWin 2.1 installed on my machine because I
need it for use with ESRI's ArcGIS Desktop software, but I want to play
with a more recent version of Python.

Is it safe to install more than one version of Python / PythonWin on
the same machine? I don't want the latest release to wipe out the old
one.