Guys,
I wanted to know if it's possible to have 2 IP's pointing to a linode box. Lets say I have a Linode 540 - Can I split the linode into 2 parts - one with 400 MB RAM & the other with 160 MB RAM with 2 IP's pointing to each one of the partitions? Please let me know if it's possible.

You can have as many IPs as you want pointing to your Linode. You can't, however, split it up like you are thinking (at least I've never heard of it).

Why would you need to split it up? Maybe someone has an alternative for you that does what you need.

Thank you Marius for your reply. Basically I want a dev environment and a production environment - Instead of buying 2 separate linodes, I thought I could use 2 partitions for it. It's analogous to a HDD partitioning we all do in our systems, just that I need 2 different IP's for the 2 partitions

Well, getting 2 IPs isn't a problem at all, you can have 2 IPs per node without justification (at $1/mo extra that is). Although I wouldn't advice running production and environment on the same node.

You basically need to think of your Linode as one physical computer; aside from running your VPS as a host for sub-VPSes (bad idea), you can only run one operating system instance at a time.

In other words, if you split your Linode 540 into one production environment with 400 MB RAM and one development environment with 140 MB RAM, you can only run one of them at any given time (even if you have two IP addresses). To run both of them simultaneously, you'll need two separate Linodes.