Separate installs?

I’m pretty sure that Airbag Industries uses Moveable Type. However, I’m curious to know if it is possible to have two blogs with only one WP install?

On the home page: http://www.airbagindustries.com/index.php
you will notice a blog in the far right-hand column and another blog (the Longboard) in the middle column. Both of these produce their own separate feeds as well.

Is this possible with only one WP install or do you need to have two WP blogs to accomplish something like this (to have two blogs and two separate feeds)?