We all know that the above frameworks can co-exist quite seamlessly, but wait, there are caveats...
If you have a new machine or a re-imaged hard drive and want to install VS.Net frameworks 1.1 and 2.0 respectively, here's what you might want to to consider before you start pulling your hair out in sheer frustration.
http://www.markfletcher.org/blog/PermaLink,guid,2b5e7146-48a9-4cbe-8000-e1a46b38ccb4.aspx
Happy installation!!!
Cheers,
Obi Oberoi