Yes, that certainly can be done.
Have a look at my fpcup program (see third party announcements), which will allow you to set up a separate copy of FPC 2.7.1 + Lazarus (use fpcup --help; you'll need something like fpcup --fpcurl=http://svn.freepascal.org/svn/fpc/trunk; if you already use c:\development (on Windows) or ~/fpc and ~/lazarus (Linux/OSX), suggest you use --binutilsdir, --fpcbootstrapdir, --lazdir and --fpcdir as well).
Alternatively, follow the instructions on the wiki for installing from svn...