Multiple versions of PHP?

Hi all,

Can someone explain how or point to how I would have multiple versions of PHP installed at the same time? I see that my newly installed version of InterWorx only has 5.3.3 installed. This is of course an ancient version of PHP.

So I guess I actually have 2 questions:

Can InterWorx run under a modern version of PHP (5.4 or better?)

If not, can I run newer version of PHP for all the other web apps on the server?