Should work fine. Are the multiple domains multihosted? If so, they're probably just sub folders so it should be pretty straightforward.
If they're not, you just need to makesure you configure the db connection properly and one thing that might be easily overlooked is host, which might be better set as something solid/concrete, instead of "localhost."
solid/concrete sounds weird but i'm having a brainfart and can't think of "fest" in english....