[H] will this work with vista ultimate retail

[Winterlight]

If I have Vista Ultimate Retail and first install 32 bit on partition 
E can I then install 64 bit, I assume using the same key, on partition D.

 So two versions 32bit and 64 bit from the same box, with the same 
key on the same PC. Will that work? I am not interested in the fine 
points of the license, I just want to know if it will work?