You'll need to install them from source code normally. Say you've got two tarballs. From the bash (or other shell prompt) do this:
cd ~/
mkdir src
cd src
tar xvzf ~/postgresql-7.4.13.tar.gz
tar xvzf ~/postgresql-8.1.4.tar.gz
cd postgresql-7.4.13
./configure --prefix=~/pgsql74
make
make install
cd ../postgresql-8.1.4
./configure --prefix=~/pgsql81
make
make install
in order to run one or the other you'll need to set the following for each instance in your shell before you start and init it:
for 7.4:
export LD_LIBRARY_PATH=~/pgsql74/lib
export PGDATA=~/pgsql74/data
export PGPORT=5433
The first time you'll need to init the database:
initdb
then you can start it:
pg_ctl start
repeat for 8.1 with the pgsql81 instead of 7.4 and a different port (5432 is the default port)
I may have missed a step. IM me or something if you get stuck