On my Windows machine -- I typically test different versions of Internet Explorer using an array of Virtual Machine instances (which obviously requires a fair amount of investme
IE isn't designed to be installed side-by-side with other versions. Most of these "all-in-one" testing tools use a trick of the Windows loader that lets you override system DLLs with DLLs in a local directory. Then they package up a random subset of Windows DLLs from different operating system versions and different IE versions and drop them into some UI. The fact that they happen to seem to work in this manner is a coincidence and not reliable. There will be errors and other strangeness, and probably crashes if your target operating system is far enough from the IE version (e.g. IE6 on Win7) and your webpage is significantly complex.
So, to be clear, no, don't use these tools because you can't rely on them to give you an accurate result. If you want to know how your page looks in a given IE version, use the IE App Compat VHDs available free from Microsoft here.