It should not be a problem. Just use a different folder and service name. There's a technote somewhere on this site (I think in the tips) on how to install a second NAS.
I got an error message "incorrect version" while using NAS for 3.7 and 2.6 on the same server. The message was thrown when the second NAS started. But in fact after throwing the message it started without any more problems on its second try. So if you got such a message let the service retry (no service restart!) and it should work.
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[Topic moved from 'NAV Three Tier' forum to 'NAV/Navision Classic Client' forum]
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Ron