Yes, you can. I do just that (though with 2 versions of XP).
The SATA drive is treated by XP like SCSI, so the master disk factor doesn't matter; anyway, there is no such thing as a SATA master disk.
You can choose which disk to boot from in the BIOS.
Remember that you will have to reinstall most of your programs, though you can share the data, though the drive letter it is on will probably be different.