Topic: Running apps using different Ruby & Rails version simultaneously

Can we run two different rails applications with different versions at a same time.
I have two applications using different versions of Ruby and Rails, Application 1 (ruby-1.9.2-p180 and rails 3.0.3 ) and Application 2 (ruby-1.9.3-p0 and Rails 3.2.1), can we start/run both the applications on different ports at the same time.

Is it possible to achieve this using RVM?