It's quite possible. I have both Win98 and RH7.0 on the same machine. I can access the windows files from my linux side with a simple entry in my /etc/fstab and /etc/mtab files.
/dev/hda1 /mnt/windows vfat defaults 0 0
/dev/hda3 /mnt/windowsddrive vfat defaults 0 0
/dev/hda1 /mnt/windows vfat rw 0 0
/dev/hda3 /mnt/windowsddrive vfat rw 0 0
With these entries I can do what I need. As a matter of fact, I'm slowly moving files over from my Windows drives to my linux in the hopes of getting rid of Windows.