You can only have two (or more) versions of PHP on the same Apache server if all except one of them runs as CGI.
This is because you can't simultaneously load two versions of the PHP Apache module.
An alternative would be to run two instances of Apache- this is what I do on my dev box. But of course you can't share IP Addresses / port numbers then, you must either run them on different IPs or different ports.
Consult the manual for how to install it as CGI.
Mark