I haven't fully tested this out yet, but appears possible. If you have 2 completely separate vaults (running on different servers), you could have SolidWorks Explorer open up one vault, and your open SolidWorks accessing a different vault.
I know multiple vaults is not the norm, but we have a MFG group that is separate from us, but still needs occasional access to our Product vault so it can build tooling, program CNC, etc.
This way they could stay logged into their MFG Vault, and would not have to logout and login to our vault everytime they needed a file. They could just copy it using SWKs Explorer.
I haven't installed a local vault to test this out yet, but was wondering if anyone has tried this.