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you COULD do it, but the real question is SHOULD you. Almost every aspect of Remedy with port defaults can be changed to something different, but having two installs of Remedy on one box will be hella complicated.
You should also consider that the infrastructure supports both services
if you are using a linux system you can install both versions of ars, but only one is running.
Than you can switch between the versions after upgrade for testing the diferent versions.
I would not recommend running 2 arserves on one machine.
Are you expecting to connect these two different version of AR Server to the same ARsystem database? The metadata in an Remedy DB keeps track of the version so switching between versions using the same DB will be problematic.
If you are simply wanting to reuse the hardware with the new AR Server version pointing to a new/difference ARSystem DB, then you should technically be fine; as as long as you avoid resource conflicts (ports, paths, etc.). If this is an ITSM system, unless you have a ton of RAM and CPU, it is likely you exhaust system resources if you try to have both systems started at the same time.
I agree with LJ LongWing, should you? Unless there is some very good business reason to do this, I would try to avoid it.