From the Wine FAQ:
Can I install more than one Wine version on my system?
Yes, but you will have to build Wine yourself (see How to compile Wine from source), as it is not possible to have multiple distro packages installed. The easiest way to do this is to run Wine from the build directory (don't do
make install). If you want to actually install multiple versions, use
--prefix when building Wine to designate a different install directory for each version, e.g.
./configure prefix=/path/to/install/directory && make
then install it with
sudo make install
On Linux, even this step is not enough: you must also set environment variables so that the wine executable on your
$PATH finds the right shared libraries. Assuming that
$W, then for Wine version 1.4, the following settings appear to be sufficient:
LD_LIBRARY_PATH is definitely required.
Note that regardless of whether you install multiple versions or run them from the build directory, you will still have to designate which version of Wine you wish to use when running applications. It is also recommended that applications being run with different Wine versions be installed into separate wineprefixes.