On standalone computer, will installing the 2011 version do anything to the existing 2010 installation?
Not as long as you install a new copy, not update, and make sure you specify new locations for the files, including the Hole Wizard files.
But also keep in mind that any file you open and save with the new version will not let you open with the older version. So be careful of opening assemblies with the new version - make sure referenced parts are read-only, etc.
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