Of course it is possible - you just need to have them configured as two separate projects with separate run configurations for each of them.
Unfortunately as far as I remember when you close a project all the associated running tasks (svn commits, debugs, runs, etc.) shut down as well and having two separate branches of the same project open in the same time might get very confusing when using keyboard shortcuts for class browsing.
vstoyanov
2010-09-20 12:37:42