Unlike on Windows, where you can't do this very easily, on Mac OS X this is very simple. All you must do is put each version of Chrome in a different folder. There's no way to avoid them sharing settings that I know of, though.
Thanks guys, I'm giving it a try now and it seems to work just fine.
I downloaded the dmg file, dragged the Chrome app to a separate folder and double clicked to run. It's showing its the dev version but how come it also has all my bookmarks and settings already imported?
Nvm I just read the first post by wzrd. Thanks for the help you guys.