Two Operating Systems on One Mac

The Avid software is really finicky (more so than fcp) about what OS you're running with it. We have the opportunity to get the avid media composer software version for real cheap (relatively), but I hesitate because it will mean that I can't upgrade my OS when I want to, without running the risk of breaking Avid or having to shell out more cash to get Avid running again.
So, is it possible to have 2 different operating systems on one mac? So, for the Avid system, I'll just have the perfect OS for that version of Avid (currently OS 10.4.9), and basically nothing else except necessary software for editing. And for the 2nd system, I'd have FCP and whatever OS works best for that? Would I need 2 physical internal hard drives for that work, and then just set my startup disk as needed, depending on which editing software I want to use?
massachi

Here's the link to Apple's free Boot Camp, if you want to download and try that out:
http://www.apple.com/macosx/bootcamp/
You'll then need a copy of MS Windows to install.
Hope that helps

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