you can have mulitple php.ini's but only one can be used per page request. for example: 2 different directories with different php.ini's.
some php settings can be set at runtime using the [man]ini_set[/man] function, however as a practical matter, register_globals is not one of them. there are various ways to mimic register_globals ON using the [man]extract[/man] function. if you are just starting to learn PHP now then you should definitely try and write all of your own scripts for register_globals OFF.