Can 32-bit and 64-bit Python coexist in the same computer?

[Andy]

Hi guys!

I got a new laptop computer which came with the 64-bit version of
Windows 7.  I installed the 64-bit versions of Python and a few other
libraries and wrote a few Python programs right there.  If I copy the
Python scripts to a 32-bit computer, it runs flawlessly.  But in the
future I may still need to distribute my compiled programs to people
who use 32-bit Windows and it seems that neither PyInstaller nor
py2exe can cross compile a 32-bit application from this 64-bit
computer.

So ugly as it sounds, I'm considering installing in parallel the 32-
bit version of Python on this same computer.  Is there anything I need
to know or a better way to achieve this instead of having a double
Python installation?

By the way, I use Python 2.6, so it would be [Python 2.6.x 32-bit] and
[Python 2.6.x 64-bit] on the same computer.

Thanks!
Andy