From the scenario your starting with, each system already installed there isn't any motherboard trick to allow dual boot it's all software invoked.
There also isn't any simple setup with either of those softwares either, it's just been left out of win 7, gossip says microsoft did that to get people away from XP.
The feature is included to link Vista and Win7 but not when both are preinstalled. To that end win7 has both virtual and non virtual xp mode again to dump XP.
However many people have written progams to enable what you've asked for but the free ones I've seen are cumbersome.
While I didn't provide the solution one of the genius's here are going to see this and I'm going to grab that solution too.
What is the easiest way to dual boot XP and Win 7 with each on seperate drives? I'd rather not have to reformat. Can motherboards do this for me?
Are you starting with NO OS already installed? If yes, follow the high level procedure below. It is quite simple:
0. Start with both of your drives already installed into the PC.
1. Install XP in the first drive ( or the Win 7, it does not matter ) which is installed first ( you should know how do this, at least ). 2. With the 1st OS installed in your PC, insert the 2nd OS to the Optical Drive and press restart.
3. Press "F11". It should bring you to Boot from Optical Drive option. Confirm, and follow instruction.
4. It will restart several time and during restart, the PC will already detect two OS, one will be labeled "Window 7" and the XP as an "Earlier version of Windows".
5. Select whichever is being installed to continue with the installation of the 2nd OS.
6. Once it finish, voila, you will have two OS and each time you reboot, the PC will ask you which OS you want to run.
7. Install appropriate drivers on both OS. Note that XP drivers may not run in Win 7 so download both versions first before you run it.
If you are starting with one OS already installed, then just install the 2nd Hard Drive in your PC and start from 2.
PS: I have done this many times and there's nothing to worry about.