Can I use 2 different Apple IDs with a single install of iTunes?

Solution 1:

Yes, you can log in with multiple iTunes accounts. Log out of one, log in with the other.

Solution 2:

Yes, you can. Keep in mind that you can authorize an Apple ID for use on only five computers at a time.

Solution 3:

Yes, you can. See How to use multiple iPhone, iPad, or iPod devices with one computer:

Windows users

Look in your computer's Help documentation to learn how to set up other user accounts. To find this information:

1. Click the Start Menu and click Help or Help and Support.
2. Enter "new user" in the Search field.
3. Press Return.

If you create multiple user accounts on one computer but want the same media to be available in iTunes for all users, you can share music between different accounts on a single computer.

You probably want to create separate libraries, see also this. It is too long for reposting, but it describes:

1. How to create a new iTunes library.
2. How to switch between iTunes libraries.