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With separate HD's it's best to install each OS with the other HD unplugged, then boot via the BIOS boot order or one-time BIOS boot menu key. This avoids problems with the Win7 boot files being put on XP where it is installed first and Win7 second to configure a Windows Dual Boot menu, requiring repairs to remove the XP HD. Or if you install XP second it will steal the boot from Win7 if it is on the same HD or its HD is plugged in when installing to a second HD. Keeping the other HD unplugged or disabled in BIOS setup avoids these problems.
Later if you don't like booting XP using the one-time BIOS Boot Menu key, you can install EasyBCD to Win7 to add XP to a Dual Boot menu, but since the boot files are already safely on each OS capable of booting itself, each drive can be removed without repairing the other.
Let us know if you have any further questions.
Did you even read SATA Drivers - Slipstream into Windows XP CD before assuming it's above your head? If you need help finding the drivers we can help you. Check the Acer support page for your model first, for XP drivers. If none determine the chipset by running Belarc Advisor