Can I have multiple java SDK versions installed on my machine?
Java 1.4 Java 2 Java 6 Java 7
please advise as I have to develop solutions for Maximo in Java 1.4
Yes you can. JDK is merely a directory somewhere on your disk. So you can easily download and unpack all the versions you want, and run java and javac from the directory you're currently interested in.
IDEs will do all the messy stuff for you: just let them know where the unpacked JDKs are, and choose a JDK in project's or module's settings.
PS. Java 1.4 is Java 2. Java 2 is actually an umbrella name for 1.2, 1.3, and 1.4