Yes, it will work. You can have as many distros as you want if you have the hard disk space for partitions.
Install xp first.
Install one of the Linux distros. When you get to the part where you decide to install grub to MBR or root partition, choose root partition. When done, this distro will not be bootable without a boot floppy or install cd. Don't worry, that will be fixed when you install the second distro.
Install the second distro. Install grub to the MBR. This installation should detect xp and the other distro, and correctly write a grub config file (/boot/grub/menu.lst or /boot/grub/grub.conf - same file; different name).
You only need one swap partition to serve both distros, since only one is booted at a time.
If you have any problems with grub, come back with information about the problem (error messages; grub config; etc.).
Last edited by bigrigdriver; 01-14-2007 at 07:47 AM.