create another instance but will be the same DB name on same server - sql 2005

Hi,
I need to create another instance but will be the same DB name on same server, is it possible?

1) i have server called Server1 and it has instance called (DBDEV) and it has different DB like DB1, DB2
2) My Data File and Log file is on D:\Program Files\Microsoft SQL Server\MSSQL.1\MSSQL
3) Now i need to create another Instance so they can use using as IP address
4) they wants same DB name as in my exising Instance
5) We have Sql 2005 on Windows m/c

Could you please guide me as is it possible or not and how can i do this?

Thanks