Does changing Windows XP for Windows 7 affect the information fund on my computer?

[LDPaul]

Hi, i really need some help here. I am starting to work for sunlife Microsoft Office Professional 2007 Product Key tomorrow and need my laptop to run Windows 7 Ultimate for their software. Currently i have Office Home And Student 2010 32 Bit installed. I want to know if I can split my hard drive and when computer boots I can choose xp or Office 2010 Pro Plus Product Key. So I can use xp for work and windows 7 for home. Since i don't have the cd for Windows 7 X86 I don't want to remove it completely. Any suggestions and help would be appreciated!