I assume you mean FROM the same IP. Yes, use the AdWords MCC. As long as both accounts are not targeting the same keywords and advertising the same URL.
When you set up the second account, you must notify Google, who will link the accounts together. They do this to prevent you from being able to bid on the same keywords with both accounts and thus hog multiple ad positions. If you do set up another account and fail to notify Google, they will almost certainly ban you once having discovered what you have done.