Brad,
It depends on how you installed it. At our site I root all of our web stuff at /webroot, so we have
/webroot/aol33ad13
/webroot/aol356
/webroot/aol40
/webroot/aol402
Each of these is a separate installation of AOLserver, independent of each other. Each install also has a complete Tcl 8.4.x install embedded. This allows us to isolate and test.
So the answer to your question is "yes", if you don't install AOLserver in a shared directory like /usr/local.
--cro