What is grub and what does it have to do with wubi? Isn't the idea with wubi that you don't have to use grub?
I think the question is pretty simple but the answers seems to all go off on tangents (welcome to the world of linux I guess).
Can you simply wubi install one version of ubuntu, and then install a second version of ubuntu and simply be "presented" with a "triple boot" option at startup?
Grub is ubuntu bootloader. In a standard install (im guess, only used wubi) your computer stars with grub where you choose your kernel or windows. It you choose windows you will the get windows boot manager.
With wubi it starts at windows boot manager and then, if told to, will move to grub where you choose kernel or (the now redundant option of) windows.
To answer your first question grub is still needed.
If you install wubi and, per your suggestion, install again it will over write your old install and give you a fresh system. Don't try it. Listen to somebody who knows how it feels.
It is possible to rename the system ubuntu2 and then install. To swap between installs you can swap the folder names or follow the tutorial by bcbc. I prefer the first way. Been using that from alpha3. The only problem is the wubildr.mbr file is updated with natty. It gave some funny verbose boot texts.
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