I've never dualbooted with the same OS (ie 2 installs of XP) but it should work fine. You just have to put each install on a seperate hard drive, or at least a seperate logical drive. Since you're dual booting XP, it doesn't really matter what order you install in. Install XP, set it up. Restart with the disc in the computer and install to another drive. That should be all you have to do.
Black Viper is a great site. Try some settings for yourself to see what works best for you. I don't recommend the most minimal one, but that's just me