Work with two separate domains and Virtual PC

I don't even know where to begin so I'll just throw this out and hopefully get what I'm looking for.

My company is making some changes and I need answers fast...

We have two separate networks (development and production) that need to stay separate. We need to cut back on the amount of PC's that we have so a solution was to go virtual. My question is:

Is it possible to have a host PC fuction on the Production network, and run VMWare or VirtualPC (preferably Virtual PC) for the development network.

Basically, can we have two domains running for the same PC through the same network cable?

I know it sounds far-fetched, and maybe I'm completely retarded but hopefully I was clear in what I'm asking and someone can help me out.

Hi I have similar query. I do not understand, even if the network were physically identical, we take two network interfaces, right? individually, I be able to connect virtual machines on the network from a gateway of the PC, in it, I require two interfaces, one for the network (eth0) and one for my virtual machines (venet0) If I provide the IP address in support of eth0 as a gateway for my virtual machines (using the same network interface for both), no longer have access to the network. In addition, Aldous notes that even if both use the same network card (assuming it works) which necessarily clashes between the two networks, right?