Without a full blown SAN? Yes. Without a dedicated shared storage array? No. You're going to need some sort of hardware to support the shared drives. You'll need at least 3 sets of logical drives in an active/active solution. 1 for Quorum, 1 each for the instances. If you're clustering SQL Server 2000 on Windows Server 2003 Enterprise Edition, you should have another drive (making 4 total) for DTS.
K. Brian Kelley
@kbriankelley