Using XP 64 and 32 bit on the same computer.

Hey guys.

My question is this: Is it possible to run Windows XP 32bit and 64bit on the same computer. And how would i and should i do that. The thing is, i do a lot of 3d modeling, multitasking with photoshop and illustrator and rendering. So, to work i need the 64bit to take advantage of the 4gb of ram i have. But for the sake of game compatibilities and regular usage, the 32bit would be the best.

My system:
Q6600 overclocked to 3ghz (with extra cooling of course)
WD 250gb, 500gb, and 1tb drives.
Gigabyte P35-DS3R
4Gb of corsair memory
Saphire Radeon 9600pro (Looking for a good deal for a HD4870 or 80)


So what i was thinking is using the smallest drive for both operating systems. The 500gb drive for all the software and games and such. And the 1TB one for storage (movies, music and so on... takes a lot of place )

Now, I know that u can lunch different operating systems on start-up. But should i separate that 250gb in two partitions?

I am not shure how to approach this situation and how it will work. Will i have to install all the software and drivers twice, for each operating systems? should i keep em all separate?

Ahhh, confusing... lol. Please help me