I cant sleep....Running two different JRE versions........

Hey Guys,
I m sure u must be rocking !!! Let me come to the point !! I have following doubts...
1) Is it possible to run different JRE versions on the same machine...? This might be a real life scenario. For example u have java application-1 installed on ur machine which uses JRE1.4. Then u install another java application-2 which was built and tested using JRE1.5. That means u need to have both the JREs on ur machine and User might invoke both the application at the same time which needs respective JREs to be invoked.
If u smart guys guessed it that this guy is coming from .NET back ground and talking about Side by side execution, then u got it right. I m planning to shift the parties !!
2) If above answer is yes, then How can we achive it...?
Thank you guys !!

> I could not think of any better scenario on top of
my mind, But even the examples which I gave are
valid i guess, may be some people will agree with me
in the forum....
"I guess" and "maybe" are far different from "it is always better to not touch the old application and its JRE".
> But i dont understand why u think that these
examples are non sense !!
I work for a multi-billion dollar business in which the JRE of a critical application was upgraded without a problem. According to your suggestion, that's a mistake, but I have a hard time imagining what your justification for that position would be.
> Correct me if i m wrong
anywhere....I m very new to Java,
Considering some different scenarios is good for the imagination. Not to be too harsh, but perhaps counselling people that one should never upgrade the JRE of a business- or mission-critical application should wait until you have some actual experience. :o)
~

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