dual Boot 32bit and 64 bit advice please

I have windows7 ultimate 32 bit currently on a new computer however have 8Gb of Ram so want to install the 64bit windows 7 on my computer. My problem is that i have a matrox RXT 100 capture card which i use for video editing and upload however the card is not compatible with a 64 bit system. Can I install both the 32 and 64 bit, set it to start up with the 64 bit and only use the 32 bit when I need to video edit which is about 5 or 6 times a year.
Will this work or should i just leave my Matrox card in an older computer running XP.

Any advice will be appreciated.

I do have 4 x 1TB hard drives on my computer Can i set up the 64 bit on another hard drive?

Thank you Daryl. Just added a bit that I have 4 hard drives. Could i not just install the 64 bit to a new hard drive and then set up to boot from that hard drive on start up.

With the separate drive, you will want to use BIOS shortcut key given on first BIOS screen to choose the 32 bit OS HD, allowing it to default to 64 bit as first booted HD otherwise.

You are allowed to use either 32 or 64 bit with each license, but using both is questionable. Others have reported that they are doing it, however, so please let us know if second OS activates with same key and holds activation.

thanks Greg, Will do.

I disconnected the C drive, installed te 64 bit os and my software, reconnected the C drive and it just booted into the 32 bit system automatically. I then set the bios to boot from the 64 bit drive, then went to settings, advanced settings and it didnt have the 32 or 64 bit os as an option just Windows 7. It now goes straight to the 64 bit. This is how i want it to run but how do i set it up so that the 32 bit is an option when booting. Remembering they are on 2 separate drives

by the way same key worked for activating both 32 AND 64 BIT OS

You do not have a Windows-managed Dual Boot now. You have a BIOS-managed Dual boot which is actually the best since either drive can come and go as you please - whereas with Windows-managed dual boot they are interconnected.

You apparently have 64 bit HD set as first HD to boot in BIOS setup. To boot the 32 bit HD instead, use the key given on the first BIOS splash screen for Boot menu (usually F12 or F10) to choose the 32 bit HD instead. Otherwise it will boot by default into 64 bit.