I would think you should be able to with no issue really, it might be easier to install the live disk on a USB stick to free up the cd drive (if you only have one), have the slack install on disk and the live on usb (or vice-versa [I'm tired
]). You might look at a net-install, the live cd would need to run entirely off ram I would think (USB you could utilize the remaining free space on the USB stick). One time I created a mini-live cd with basically just a shell (busybox) which was less than a meg. sshd would start on bootup, with a pc consoled to their router I could reach the backside for break/fix work. Something like that might be easier for you as well and if you have any scripting knowledge could prob script out a net-install.
ok I am really really tired I will leave that gibberish up there for kicks.
I assume all current running server apps would need to be migrated over to slack on reboot?