Yes. Copy the desktop WooPOS icon, and right-click to change properties.
Add this at the end of the target line:
Instance WooPOSCosmeticLabs 1799
Or
Instance WooPOS2 1799
In this case, CosmeticLabs is the business name, 1799 is the SQL TCP/IP port.
Double-click this icon on the desktop, and follow the WooPOS setup wizard to start the second business setup. Please use a different email account in the setup.
If you set up a second web store for the same business (same database), copy the c:\woopos folder to a new folder with the same name as the instance name. Then create the desktop icon, use 1788 as the SQL TCP/IP port.