Is This a Good Way to Go

Ok, I now have a new computer with Win7 home 32bit. Old one had WinXP on it..

I also need to have WinXP on my new computer as I have some programs that ONLY work in WinXP and I don't believe I can use the Virtual Box with Win7 Home 32bit.. And I don't have a key code for my old WinXP..

So if I buy an new WinXP disc and a HD can I just install the second HD and then install WinXP onto that HD then I have both OS on my new computer?

Thanks