Windows 8 upgrade with Win 7 in dual boot ?

I have Win 7 installed on my main HDD. If I purchase the 40$ Windows 8 upgrade, can I install Windows 8 on a separate partition of the same HDD while keeping the Win 7 partition available (and untouched) through a dual boot option? If so, can I rely on the Windows 8 setup application to take care of installing the boot loader and adding the two OSes to the boot options? Or is it something...