yes and no, you can have as many CGI versions running as you wish, but only 1 module (as far as I know anyway)... why ?
the php.ini for php running as an apache module has to live in your windir so any apache versions running end up using the same php.ini which can only specify 1 extensions directory, and extensions are normally not compatable accross versions.
but php as a CGI should use the php.ini in its root directory so you should be able to get at least 1 CGI and 1 module version running.
Thats unless you can specify in the server configuration the path to php.ini for the php module but I dont think you can ?