Yes they can, with perhaps some reservations in the modules area..
In order to do this, install Access 2002 first. Then, in a different directory (like Office97 instead of just plain Office) install Access 97. If you install them the other way round, Access 2002 will upgrade 97 and you won't have both versions.
Can Access 97 runtime & Access 2002 runtime coexist on
the same machine (Win XP OS)