Install Sitecore 8.1 and 8.2 site side by side
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This is possible and versions are not relevant for this scenario. You can have as many individual Sitecore instances as your hardware can support. Each Sitecore instance will be its own site in IIS with its own application pool, databases, and application code.
I would suggest using Sitecore Instance Manager . This makes it easier to create new instances of sitecore.
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