Suganya,
The answer is most certainly yes. The answer lies in disk partitions and the bootloader. An operating system requires its own primary partition. You can partition your disk a number of times, so you can install additional operating systems. Assuming the successful installation of two OS's, your bootloader will show the menu of these OS's when you boot your computer, and will load the corresponding OS.
Bootloaders include the Microsoft Windows bootloaders (both the new one used for Vista and the legacy boot.ini type), GRUB, LILO, Darwin, etc.
Since I don't know which OS's you want to set up (Windows and Linux, Windows and Windows, etc), I can't recommend the perfect guide for you, but a Google search will help you greatly. Search around for a comprehensive dual-booting tutorial. Ask if you have any more questions. Good luck!