Vista 64 and XP32 on same machine

Currently I'm running XP Media edition SP3 32 bit
I would like to get 64 bit version of Vista Home Premium installed on the
same hard drive using Virtual machine. Is has possible. Can 32 and 64 bit
operating systems reside and run on same machine?
OS is HP Pavilion m7580n
AMD Athlon 64X2
2.40 MHZ
2048 Ram
Nvidia GeForce 7300LE
Thanks for any advice received