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You can look at this tutorial, it's for Win7 and Vista, but it will be very similar.
Dual Boot Installation with Windows 7 and Vista
You can change the names on the boot menu, there is a tutorial, Dual Boot - Change OS Name in Windows Boot Manager
The last Win7 you install will be the default OS, it will be on top of the list and if you don't select another one it will boot after 30 sec (default time limit). Which can be changed also.
Hmmm. Use easybcd and rename the entries as Windows 7 32bit and Windows 7 64bit appropriately.
Check this article on renaming the OS: Dual Boot Installation with Windows 7 and XP
I want to dual boot win7 pro in both 32 and 64 versions. Can this be done on the one license?
Or if I chose to use in XP mode can that and 64 bit mode dual boot?
Thank you
Not sure. Some say they are doing it, others say it can't be done. Try it and see.
It is on the same hardware so you have a shot that it will be seen as the same installation or reinstall of same OS.
Let us know the results.
you might be able to do it, but it is a violation of the EULA: The key allows you to install one instance of either x86 or x64.
When you shrink C in Disk Mgmt to install the other OS there by booting it's installer, it will configure a Dual Boot during install - same as here: Dual Boot Installation with Windows 7 and Vista
If not install EasyBCD to the booting OS to add the other one on Add OS Entry tab. EasyBCD (free Download at bottom of page - no name or email required)