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Default Co-existence of Office 2003 and 2007 - Same PC

I've just bought a powerful HP Laptop - with Vistar Home Premium (64-bit OS).
Can I install both Office versions (2003 and 2007) on this LT (with 285 Gig
Free)?

What are the steps (order sequence) to accomplish, with out a hitch?
What are the pitfalls (if any) of having both on the same machine?

Thanks in advance,,,
 
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