Can You Have Two Different Versions of FCP On A Computer?

Maybe this has already been covered, but I can't find it...
I have FCP 6 installed on my MacBook, but the company I'm going to be doing work for next week needs me on FCP v5. Is it possible to install BOTH versions on the same computer without conflicts? Ideally, I'd like to leave the complete FCS2 on my computer but add/install ONLY FCP5 from the FCS1 disks.
Am I dreaming or must I uninstall FCS2 to reinstall FCS1? Or is there another option, such as installing onto an external drive?
Thanks for your help?

While it certainly isn't recommened by Apple (and a few others) to keep multiple versions on one computer, many do and I haven't had any issues with it in the past. Here is a link that might be helpful.

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