There was a project to make this easy to do a while back. I don't know if it was completed and it is part of 16.09. I don't recall the issues, but the idea was to let you install multiple release versions.
I only run the Linux version and I build from source and it is easy (probably any OS) if you build from source. After building from source, just move the whole "build" directory off somewhere and name it appropriately so you remember what version it is. Yes, if the age difference in your releases is too great, you may have dependency issues where one needs e.g. package X version 1.2.3 and the other needs 1.2.4. Also, this doesn't take care of differences in GCS settings. Some things may not run correctly until you run the GCS with the -reset option. You may want to modify your desktop links to always run the gcs with the -reset option. Be aware that any tweaks, like to gadget placement, scopes, etc., will get reset each time.
Are you running Windows? Most Windows installers (like the LP install program that you download) allow you to change the destination directory. Does the LP installer? Sorry, I've only run the LP Windows installer once if at all.
Worse come to worse, after installing, you can try renaming the destination directory and changing the links you use to run it to point to the new place; then install the next version. You will have to put it back the way it was to get uninstall to work.
Maybe @f5soh or such will stop by to give some more direct advice.