yes, you could use subdomains and edit the DNS records to go to another server. If you're feeling really crazy you might try some of the emulation packages available -- ASP can be done in Linux and PHP can be done in Windows but you haven't expressed interest in this. So maybe you should try something really crazy if you have exclusive access to your server, or even just root super user you might want to try running an emulation of IIS on Linux using one of the processor level emulation packages (VMWare, HConct, etc.). Through these packages you can control which virtural drives map to which real locations (i.e. your linux file system) and the OS -> OS conversion is done for you. So this way you could be processing and sending ASP files in the very same directory as you Linux PHP on the same server, running two OS's and two web servers at the same time, on the same hardware. This would probably be complicated, and you would need to deal with the security issues of two OS's. However it has worked for me as on one machine I host a IIS, Linux, and FreeBSD for various sections of my site, using the same IP and directory structure.
Good luck and have fun!