Running multiple oracle versions on the same server...

Hi, I have a server that is currently running oracle rdbms 10.2.0.3 on linux Itanium platform and the database that is currently on that server uses oracle ASM for it's files.
We have a need to also run a oracle rdbms 10.1.0.3 on the same sever and I would like to know if this is possible and will the 10.1.0.3 database be able to use the already installed and running ASM instance that has been created during the 10.2.0.3 install?
Thx.

Because it is not just a new database we are trying to migrate an exisiting database to this new server and there is too much data which is time sesitive and the original machine is not very powerful and the only way I can foresee us being able to migrate in a time that would meet our requirements in to use dataguard to setup a physical syandby on the new server and then perfrom a failover to get the database live on the new hardware.
Thats why we are kinda stuck with the 10.1.0.3 database at this point in time until we can get it moved onto a server and staorage platform that will also allow us to upgrade in a timely fashion as welll. So your next question is why don't we just upgrade the existing database where it is know well the reason I am reluctant to upgrade on the existing server is because we only have access to tape backups on this system and I do not have alot of faith on the tape restore as it take a long time to complete and can be error prone.

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