Ok, not really at the same time (I'm sure you're imagining some sort of crazy WinPho7-Android mash-up), but from the same partitioned SD card.
The cool kids over at xda-developers have put up a tutorial on how to partition an SD card to run both Windows Phone 7 and Android. It's not exactly a one-step process, so they also went ahead and made a video:
The HTC HD2, introduced last April for T-Mobile, traditionally runs Windows Mobile 6.5. Yeah, I bet you forgot that even existed. Well, it also has a Snapdragon processor, a 4.3-inch touchscreen, and 5-megapixel camera with a dual LED flash. Strangely enough, it hasn't received an official upgrade to Windows Phone 7, perhaps because Microsoft has just decided to let the hackers do it.
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