Yes, and there are some tutorials to show you how.
But I would assume you would want Win 7 as the primary OS. So boot to that, then use EasyBCD 2.0
beta to set up the dual boot. It can be downloaded if you join their forum for free, just register.
You can also set it up yourself, but basically you will need to move 3 files into the Win 7 system partition. Ntldr, ntdetect, and boot.ini. Then modify boot.ini to show the second drive (rdisk(1)), and then use bcdedit to add the entry in the Boot Menu.
Check the tutorial and post back if you have problems. Any questions, post back if you are not sure. BCDEDIT - How to Use
=Installation and Setup
And there are some tutorials from Iseeuu, but I do not have that list.