How to format windows 7 ultimate without removing the windows itself?
 

I just bought a new sunlife Office 2007 Pro Activation tomorrow and need my laptop to run Windows 7 32bit for their software. Currently i have Office 2010 Professional Plus Key installed. I want to know if I can split my hard drive and when computer boots I can choose xp or Office Pro 2010 32 Bit. So I can use xp for work and windows 7 for home. Since i don't have the cd for Windows 7 Home Basic I don't want to remove it completely. Any suggestions and help would be appreciated!