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Because each OS will have it's own system files and registry, any program will have to be installed from the OS you want to use it in. If you want to use Premiere in both versions, you'll have to install it twice. Same with email applications, games, browsers, etc.
Can you load both instances in the same location?
Thank you, that sure makes sense.
To answer maverick, sort of. You can install it twice to "Program Files", so in that way it's in the same location. But each will exist on it's own partition on the drive. Don't try installing to a separate partition that both OS versions can read. That may work for media files that you want to play in both, but I suspect you'll have all kinds of issues if you try it with programs, for the reasons mentioned above.