Well, the answer is yes and no.
Technically, in PowerShell 2.0, you can access PowerShell 1.0 with
version 1
powershell.exe parameter
Similarly, in PowerShell 3.0, you can use Verison 2.0 PowerShell using
version 2
You cannot install both separately on the same computer. PowerShell itself provides a way to migrate to an earlier version.
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