|Yes, as long as you setup an actual dual boot system.|
Most dual boot configurations install both OS's on the same hard drive, but that is not required. You could install them on separate dives. However, the Windows boot loader may give you trouble with that setup.
You may need to use a linux boot loader, such as grub and using a Linux boot loader may mean that you will need to do a tri boot system where Linux is installed first, then Win7 and Win8.
It's been almost 15 years since I setup a dual boot system so I can't give step-by-step instructions.