No. Each partition can only have one OSX install on it--that's the nature of the beast.
You can, as you surmised, partition the drive and have a bootable install on each partition, but I'm not aware of any utilities that can repartition an HFS+ drive without reformatting completely (excepting whatever trickery Apple has going with Bootcamp).
Maybe I'm wrong about that second part--have a look on VersionTracker for partitioning utilities.
I will note that drives are pretty cheap these days, so you might well be able to buy one for about the same as a utility might cost.
Good luck, anyway.