Hello and welcome to LQ. Hope you like it here.
Virtualisation is an option, but I'm not an export and so my reply would be "it depends". Could you tell us what the application is and its requirements are? For "simple" applications requiring a specific library you could install it in a path that doesn't affect the system-wide setup, let's call it "/path/to/elsewhere/lib", then you could try 'env LD_LIBRARY_PATH=/path/to/elsewhere/lib thebinaryinquestion'. Another option, depending on requirements, could be to run the application inside a chroot?