Windows 7: dual booting win xp pro and win 7 ultimate

Please excume me if this is not the proper thread to post this topic.I want to know is it possible to have dual booting viz: having win xp,pro and present win 7 ultimo in the same desktop.At present I use win 7 ultimo and happy with that.My problem is I am having old TVS printer and HP scanner which can not be used with Windows 7. These were working fine when I had win xp pro.So now I am thinking of having both the op system so that I can use these devices and run many other old proms.Please advise and guide me is it posible to have in the same hard disk or I will have to purchase a seperate hard disk and load win xp pro. As I am not sure what is to be done I solicit your advice in the matter.
Thanking you.

How big is your hard-drive?

If your hard-drive is a big one (500GB or more) please follow this tutorial below. I used it quite recently and it is very good.

Dual Boot Installation with Windows 7 and XP