Yes of course you are allowed to play more than one account at a time! You can run several Wizard101's on a computer at a time, but you may experience graphical slowdown if you run more than one.
As I'm sure you're aware, while you're definitely welcome to play more than one account at a time, more than one player cannot log into the same account, they will kick each other out.
I run the games on a Dell Dimension 4550, Pentium 4 2.66 ghz cpu, 2 gigs ram, 2 hd 2400 pro pci graphic cards with verizon cell internet connection. Now not the top of the line system, I can run 2 accounts at once. I do get lag from time to time but that is because of my system not KI. If you were to do this I would say make sure you have atleast a duo core system and DSL internet.
I just set my graphics for the games to low and run only one with sound. Set both monitor to 1024 x 768 and run the games in 800 x 600 in windows mode. Creat your wizards and off you go. Put both on the same relm (use less crowded relm) then make friends with yourself. Use mark location and port to friend alot.
SO, what I do is have Nathan walk over to whoever is giving out the quest and I port to friend Nathaniel to Nathan while I listen to the quest info. Accept the quest on both wizards, run Nathan to the quest stop jump into duel and port to friend Nathaniel win battle then off to next quest. But this time I send Nathaniel first. This way your exp will run almost even. If one wizard gets to far ahead of the other I solo a few duels till he catches up.
Now the only thing I would like is to have if grouped shared quest like when you are in Sunken City. But I can work around it.
Have Fun,
Nathan and Nathaniel Lifewalker Life/Death lvl 21 Allison and Alicia Lifewalker Life/Fire - Life/Ice lvl 10 Steven and Stephen Lifewalker Life/Balance lvl 1 Alexandra and Alexis Lifewalker Life/Myth lvl 1