not sure what you mean since you can have all versions installed. In VS2008 you got to choose betwen 2.0 and 3.5 which runtime version you wanted your program compiled for when you created the program (there was a drop down top right of "new project" screen), i have not yet seen 2010 so I can not say if it has that feature.
You can see what .net frameworks are installed by looking in the C:\windows\microsoft.net\Framework folder
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