Yes. You can view the supported side-by-side installations on [this] TechNet article. **EDIT** Did forget one note. You will want to take note in the documentation for the installation which shared components are updated. :
As Shawn mentioned it can be installed side by side but be mindful of where you are installing your files for each. Also, you are adding additional resources and load to the server. Obviously your mileage may vary depending on the server you are installing on but keep that in mind. We don't support SQLExpress where I work. If this is for work, you may want to check to make sure that is acceptable.