Can you install 2 copies of OS X?

On the same Mac?
I like to mess about installing different bits of software but sometimes removing it can be a pain and you can end up with all sorts of unwanted junk on there.
It occurred to me it might be nice to have 2 installs of OS X on the same machine - one nice and clean and the other as a sandpit environment.  And choose which to boot at startup.
Is this easy to do?  And is it covered with 1 OS X license?
Thanks

Please check the SLA choosing Software/Mountain Lion (unfortunately, they've changed the format and copy/paste is just about impossible now):
http://www.apple.com/legal/sla/
Here is an excerpt from the OS license agreement:
A. Preinstalled and Single-Copy Apple Software License
Subject to the terms and conditions of this License, unless you obtained the Apple Software from the Mac App Store or under a volume license, maintenance or other written agreement from Apple, you are granted a limited, non- exclusive license to install, use and run one (1) copy of the Apple Software on a single Apple-branded computer at any one time. For example, these single-copy license terms apply to you if you obtained the Apple Software preinstalled on Apple-branded hardware.
B. Mac App Store License
If you obtained a license for the Apple Software from the Mac App Store, then subject to the terms and conditions of this License and as permitted by the Mac App Store Usage Rules set forth in the App Store Terms and Conditions (http://www.apple.com/legal/itunes/ww/) (“Usage Rules”), you are granted a limited, non-transferable, non-exclusive license: to download, install, use and run for personal, non-commercial use, one (1) copy of the Apple Software directly on each Apple-branded computer running OS X Lion or OS X Snow Leopard (“Mac Computer”) that you own or control
Reading further, you can run 2 virtual copies of ML and you can install it on as many machines as you own and control, but there does appear to be a limit to one copy only per machine.

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