Dualboot, Windows 7 Home Premium, 32bit, 64bit help

I have Windows 7 Home Premium 64 bit installed on my laptop, if i get Windows 7 Home Premium 32 bit, can i install that on a partition and dualboot Home Premium 32bit and 64 bit?

i have some usb hardware that can only work on a 32bit system so i was wanting to know if this is possible. ive already got the partition made i just want to know if its possible before i burn another dvd

And will i be able to use the same key from the bottom of my laptop on the 32 bit version and at the same time?

There's nothing to stop you dual-booting two different versions of Windows.

As you won't be able to run both operating systems at the same time you'll probably be able to use your COA product key, but if I'm wrong I'm sure someone else will be along shortly.

I do know that if you have the retail version of Windows 7 that ships with both the 32-bit version and the 64-bit version, you can use the same product key to activate either version.

What you can't do is use the same product key on different computers at the same time as you are then breaking the terms of the EULA.

Ok but since i want to dualboot the same OS, just a 32bit version and a 64bit version, i should be able to use the same product key? since it is on one computer and i wont be able to use both 32bit and 64bit at the same time?