How to install 2 instances of Kerbal Space Program from Steam, on one computer?
Solution 1:
I've done this myself. When I was wanting to play with FAR, but have a save without it, I just copied the Kerbal Space Program directory from the SteamApps folder to another location on my hard drive, and it runs just fine.
I will also note that this was done with .23, so I can't imagine why it wouldn't work currently.
Solution 2:
You can create another version but it won't be linked to Steam. Go to your steamapps folder, common, Kerbal Space Program.
Copy it and keep it safe (unless you want to reinstall all of your mods)
Then delete the KSP folder from your steam directory.
Restart steam and try to launch KSP again. It'll start re-downloading all the file necessary since you deleted them(gj).
Now after that's done go back to the steam directory and copy that and keep it somewhere safe. THIS IS YOUR VANILLA STEAM FOLDER.
You can either choose to make the Vanilla KSP the one steam launches. If that's your goal, you're done.
If you want to make the modded KSP your steam launch, simply copy the Vanilla one and keep it somewhere else(don't get it mixed up, label properly). After you've done that, copy the modded one and replace the Vanilla with it.
Voila, c'est bon, oui?