Yes you can have both at the same time. keep works on your PC then install only the programs you want to from works suite.
You will have to install the installation files from CD 1 of works suite but then you can swap the other CD's about as you pick and choose the applications.
Autoroute for example. You will need the install files from CD 1 [Install the whole of this CD except for any actual programs] then if I remember correctly the rest of Autoroute will come from CD 4 and halfway through you will need to insert CD 2 or 3 to pick up some files from there as well.
It does work though as I had parts of works suite 2003 on my system at the same time as Office XP. I continued to use them until I had copied all my files over to Office XP and bought a separate copy of Autoroute 2004, then I removed Works suite completely. j.