Upgrade only one version of XP to Windows 8 on a dual boot computer

I have a computer running Windows XP Pro 32-bit and 64-bit in dual boot.

I need to retain Windows XP 32-bit Pro, as I have expensive software that will only run on that specific version. I want to upgrade my 64-bit installation of XP to Windows 8 without losing the 32-bit installation.

If I simply use the ISO to upgrade from within my XP 64-bit installation, will I retain dual boot for both XP 32-bit and Windows 8?