While I don't use CE and don't have an official answer for you, I would highly doubt this is possible--don't jeopardize your current installation!
The CE FAQ doesn't answer this specific question but the fact that 1) it doesn't allow Delphi & C++Builder (only one or the other) and 2) doesn't allow CE and a paid version on the same machine, I'm almost positive it wouldn't allow two different CE versions to coexist. You could, however, install a virtual machine, and try it out there as it would be a completely separate environment.