Sure, as long as you have two instances, I don't see where this would be a problem. I don't understand the application or what advantage it will give you, but it should work.
We have a site, which is not in sync for 1 year,it has only its local data, we got to re-establish this site with all the data. So we take a copy of definition site and creating a new instance in the same machine as new master site and take away the old master site eventually. Thats the reason for this question.
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