Yes, you sure can.

Service packs are applied at instance level, and one at a time, so if had 3 named instances and wanted to update them all to the same SP, you would need to run SP three separate times to upgrade each instance.

Same goes for versions, for instance i have a 4 different versions of SQL installed on my machine at the moment :) 

HTH

• Edited by SQLGru 6 hours 6 minutes ago
• Proposed as answer by Jinu Varghese 5 hours 24 minutes ago

can we have multiple named sql server instances with different versions (for example, just different service packs) on the same standalone vi