All computers, in order to be able to locate their operating systems among other things, read a snipet of code from the first sector of the Boot disk. That code is put there by every operating system during installation.
If you think about it, that's the only way it can work, otherwise, how would the "computer" know what to run to start the OS?
When you do a subsequent install that code on that first sector of the boot disk is modified in such a way that you then get a menu, on boot up, that lets you choose which of the installed OSs you want to boot.
So, theoretically, you can not "separate" OSs, no matter where you actually install their files and folders. That's the way MS intended it to work. If you remove the "Boot drive" that contains the boot code the system will not boot either OS.
You can get around this by disconnecting the original hard disk and leaving a second one installed and then installind an OS to that second drive. Then you will have two separate OSs installed, each on a separate drive, and each with their own boot code. But then you'll have to enter the BIOS and reset which drive is the "Boot drive" whenever you want to change OSs (in order the the boot code you need is read from the drive you want to boot). There are a few other neusances that result from this kind of setup too.
You also seem to be assuming that the "computer" somehow loads drivers. No so. The OS loads the drivers. So each installed OS can, and does, load it's own drivers.
So......
Install the first OS, set it up however you want, than install the second OS and set it up however you want.
You'll get a menu at every boot up allowing you to choose which OS to load. The only caveat is that you have to install each OS's files and folders to separate drives or partitions, since you can't have two folders with the same name (Windows, Program Files, Documents and Settings, etc.) on the same drive/partition.
And you can install two copies of any MS OS, from the same install disk, onto one computer, using the same key and they will both authenticate and validate.