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You can install more than one version of Unity on your machine as long as you follow the correct naming conventions for your folders. You need to rename each of the Unity folders themselves, so that the hierarchy looks like:
Unity_3.4.0 ---Editor ---MonoDevelop Unity_4.0b7 ---Editor ---MonoDevelop
Do not rename each Editor folder inside a single Unity folder! You will overwrite the MonoDevelop folder and this will cause serious stability problems and unexpected crashes.
The installer for Mac will always install Unity into a folder called
/Applications/Unity. This will overwrite any previous install in that folder. On the Mac the folder name can be changed without it affecting Unity provided Unity is not running.