It might be referring to the fact that if you wanted to, you could dual-boot your system, and choose which bit version of the OS you wanted to use when you start your computer. Each version (the 32-bit and the 64-bit) would be stored on your hard drive at the same time, in separate partitions. With this technique, you can use one at a time.
It also could be referring to the technique of virtualization, in which you would use a piece of software like VirtualBox from Sun to run the 32-bit version of the OS in a virtual machine (a separate window), and your 64-bit OS would be the "host" (the virtual machine would run on top of the 64-bit OS). With this method, you would essentially be using multiple operating systems at the same time.
Plus I believe the Professional and Ultimate versions of Windows 7 come with a Windows XP mode, which is used for the same purpose.
In addition, there's nothing wrong with running 32-bit and 64-bit software alongside one another on a 64-bit system.
Hope this helps!
