Can multiple unclustered instances of SQL2K8R2 share the same volume?

Is it possible to install seven instances of SQL Server 2008 R2 on the same physical computer, a standalone, unclustered domain member, and have all seven homed in separate folders on the same volume, like this:

Instance1       Master:    H:\Instance1\Master

                     Data:        H:\Instance1\Data

                     Logs:        H;\Instance1\Logs

                     Temp:       H:\Instance1\Temp

                     Backup:     H:\Instance2\Backup

Instance2       Master:    H:\Instance2\Master

                     Data:        H:\Instance2\Data

                     Logs:        H;\Instance2\Logs

                     Temp:       H:\Instance2\Temp

                     Backup:     H:\Instance2\Backup

Especially, since the H: volume is on a SAN, which may not necessarily enforce the same boundaries as DASD, with each block coming from a different drive.