when you put in the disc and try to do the install, i think it asks you what drive you would like to install it on. if not you could always temporarily change that drive to your master and disconnect the real master, then do your install as normal then switch them back. im not sure but i think you may run into booting problems having 2 operating systems, unless you are given an option at startup what disc you wish to boot from.
I just had a thought, if you switch drives for the purpose of installing another os, that drive will automatically be assigned the drive letter c and im sure your other drive already has that letter. sorry if i wasted yer time skids.
If you boot from the xp disk and choose to install to your second drive it will automatically create the boot files and you will be given the option at boot up to boot to either version of windows.