Booting Windows over an hibernated Linux is not a good idea. I just lost 20 GiB of data in a shared NTFS partition...
I hibernated Ubuntu Lucid one day, and the next I fired up my computer. Some update messed up the saved option in Grub, so instead of booting Ubuntu again as it should, it started Windows 7. When I came back with my coffee, I just went on using it without recalling Ubuntu was in bear mode. I probably accessed music, Firefox profile, documents, downloads and games from the shared partition.
The next time I switched to Ubuntu, I saw the "waking up from hibernation" message. Dang. But I expected it to fail at waking, and soft reboot instead, as happened the previous time I "tried" this (in my Karmic times). But no, it woke up alright. Cool. Or not. I quickly realized a directory in the root of the shared partition was now empty. I think the only programs accessing the shared partition on resuming were Quod Libet (music player) and Transmission (bittorrent client).
I went back to Windows, where I couldn't even open the directory. Trying to "dir" it in shell produced "file not found". Corrupted. Still, the partition's free space had not increased, so my 20 GiB where probably still there, safe from being overwritten. Maybe.
But how to get to them?
A little research provided little help, and made my hopes even more bleak.
I ran Scandisk ("Check for Errors") without auto repair, since I don't wanted to risk it fixing things by further destroying my data. The result was not very informative: "Errors found. Run with auto repair." Unknown to me, seemingly it also marked the partition to be automatically checked on next boot. I powered off and went away, and came back with EasyRecovery later.
The computer started with me not paying attention, as usual, and when I looked, chkdsk was already spewing errors in full swing, which it did for some ten minutes. Oh well, here goes nothing.
Fortunately I did lit a candle for Santa Tecla recently, and after Windows started, my data was back, all of it as far as I can tell, though some files ended up in found.000.
So yes, this had a happy ending. You'll forgive the dramatic suspense, but that's to drive a point across: backup your data! And (in my case) keep the backup up to date! And of course, be extra careful with hibernation and shared partitions...
If you want to hibernate and use a different OS while Windows is hibernated you must not put the Windows bootloader first, contrary to what @snayob says.
If the Windows bootloader is first, the very first thing it does before showing the menu is check for a hibernated OS. If a hibernated OS is found, it will boot into it automatically and will not show you a menu to choose boot options from. If you force the menu (i.e. F8), the hibernation data will be deleted.
Now if GRUB is the MBR boot menu and is configured to chainload BOOTMGR or boot into Linux, you can hibernate Windows and boot into Linux - but if you mount the NTFS partition, most likely your hibernation will be lost (detected as corrupted). Basically, if you hibernate a machine, you must not touch any volumes that were mounted on that machine (i.e. any FAT32 or NTFS partitions assigned a drive letter in the hibernated OS).
Ridiculously important note: In the event that you mount (say, in Linux) a Windows partition while Windows is hibernated and you are unlucky enough that when you're done with Linux and attempt to reboot into Windows, Windows does resume from hibernation (instead of erroring out, throwing away hibernation data and attempting a normal boot), you will most likely suffer catastrophic data loss to all Windows partitions as all filesystem-related structures will be out-of-sync between what Windows has loaded in the memory and what's actually written on the disk.
Other than that, there's no problem. Just install Windows, Ubuntu, and Fedora. Make sure the latter do not automatically mount Windows' drives on startup, ensure GRUB is the main bootloader, and you should be able to do what you want.
Best Answer
I think you can do this if you install both Windows versions on different physical volumes and then use the boot device selection of your BIOS to choose the one or the other. On my computer this can be entered by hitting F11 at system boot.