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No problem at all. If XP is installed first and you install 7 on a separate drive (IDE or SATA) or another partition, you have the option of booting to 7 by default or "Older version of Windows" which is your old XP installation.
I've been running this dual boot configuration since August 2009 without issues.
Some versions of 7 (the ones that fell off the back of a truck) that need a loader to work may present problems though...
My XP installation is a "bare essentials" install without anti virus, network adapter disabled and nothing else that chows RAM or resources. I use it as my studio setup for video and audio editing.
The 7 installation does the rest - Office, surfing, programming, and whatever else tickles me at the time.![]()