Yep, I ran 5 meta traders at once when this first came out to demo each one. I ran them all with the same settings and at the same time on the same computer.
Alpari did the best on the demo account for me, but then I learned that their live spreads are higher than their demo spreads and they increase them in the evening as well (prime scalping time) so you lose money from the demo to the live. Even the developers dropped their alpari 10k account and moved it to another broker.
FXDD and FXPro did the second best for me. FXDD took FOREVER to open a trading account, so I went with FXPro which took about 3 hours total to open and fund it. In fact I just received an email from FXDD today that they "activated" my account, but now I need to wait for them to "Approve" it. In the meantime I have made $340 dollars with FXPro running.
I also had one called IKON that sucked. and I ran ForexMeta as well. That is when I noticed they were always 1 pip higher than FXDD. So I started digging around and came to find out that they are just feeding from FXDD and they autotack on one pip to every trade. That can cost you a lot of money in the long term.
So anyway, the long answer to your question is, yes you can open up multiple demo accounts at once. As long as your computer doesn't run out of memory or processor power. And mine isnt the latest and greatest, so you should be fine.