In python you can have multiple python version installed in your systems using virtualenv. I like to do this with Erlang, as need to test my code on several erlang versions. Its not effective if you install and reinstall the version you need if you want to test out.
And in Erlang of course there is such package to manage multiple instance of Erlang. This is used for developer of course. Come the rescue Kerl , an erlang application that make it "Easy building and installing of Erlang/OTP instances" .
So with no further do, i installed in my debain dev machine. Here are my steps by steps to make use of kerl. You can also see the documentation...