Yup.
Standard Edition doesn't support multiple CF instances, but
you can certainly have multiple website instances by front-ending
it with either IIS or Apache.
Apache I think called them Virtual Hosts, and IIS calls them
Sites. In IIS you'd create as many sites as you need, and the can
all use the same port 80, but are differentiated by the hostname
that you access them by (via a host header setting in IIS).
On the DB side of things... that's just a matter of setting
up datasources in the CF Admin.