If you mean keep your apps on the old drive without reinstallling them, it won't work. If you mean SSD with OS/Drivers/System Utils and another drive with applications - re-installed - and data, this will work.
Actually this is a good way to separate the disk function for added performance. Putting the OS on its own SSD is a good idea because you have frequently accessed OS info available quickly. Anything you do relies on information from the OS. It makes sense to make this information the most quickly accessible info in your system. Using an SSD helps facilitate this quick access.
This makes it really easy to backup/replace/upgrade your OS drive when necessary as well. This is similar to what I do in my system.
I would suggest you get Windows 7 64-bit for your OS.