I don't believe its possible to run more than one 32-bit console on one computer at the same time. When you try to run the second console it will probably just bring the open console to the front in Windows. What I do it RDP into the server and run the console from there. There might be a way to do it with virtual machines each running a console but I'm not sure about that.

You might be able to right click the iexplore.exe executable and run as another user.  Log in as the other user you want the console to be presented as.

I was able to open 2 consoles at the same time on my XP computer (using a remote console) by telling it to open the console twice quickly.  So before it even knows that it is opening the console, it trys to open a second one. 

I would suggest using the remote console along with an RDP seasion to view 2, that is how I normally do it.