I would like to keep my work and home settings separate, is it possible to install Chrome twice so that I can have one instance sync with work and another sync with my home account?
You can manage this by using different user profiles.
Basically, you create separate folders for each profile and create separate shortcuts to Chrome with command-line arguments that point to each directory.
It looks like you'll need version 14 (currently in the beta channel) or up.
Added: Techcrunch talked about it
Not sure if this is possible with Chrome only, but I use Chrome and Chromium side by side. They are almost identical and the slightly different icon makes it easy to tell the two apart when both are open. This is on Linux though, but I think it should also work on any other OS.