It sure is. You'll need to install the second distro on another partition. Mandrake has an excellent repartitioning program in the Mandrake Control Centre. You can also get to it if you boot from the Mandrake install CD to the repartitioning stage. Remember to backup any valuable data before you do this as there is a very small posibility that you can lose data.
Once you've repartitioned just boot off the install CD for Ubuntu or whatever and install. It should setup the boot loader to see the Mandrake install as well but if it doesn't you can easily add the relevant entry to lilo or grub. If you have this problem post back here.
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