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I had thought that it was not possible, until I saw this post, and found it very helpful. Should help you do what you want.
i followed the instructions from the MS article back in november. works great. vista was installed first, used comp management to create a new partition for XP, ran that install and then ran the BCD commands to get the bootloader working.
How about having 2 OS, one on each hard drive. Use the BIOS to switch the boot order, or swap the SATA cables if the BIOS does not support it?
read this post at the VistaBootPro forum for instructions on how to fix it
http://www.pro-networks.org/forum/viewtopic.php?t=88231
John