Can 2 different people have 2 separate itunes account on one shared laptop?

I have a iphone and have an itunes account.

My husband now has a new iphone and wants to set up a itunes account also.

We share the same laptop i.e one user name & password. So when I log in my itunes account shows up.

Can he also have a itunes account on the same laptop but that is completely separate to mine? If so how?

Yup, you can, if create another user on your laptop.

Yes you simply log out of your itunes when you have finished and he logs into his, itunes although its downloaded onto your computer not linked to yourself until you actually log in.
if you don't log out though your itunes will automatically open when a device is plugged in x

Yes they can.
Quit iTunes.
Locate your iTunes Media Folder. (This folder may instead be named "iTunes Music" if your iTunes Library was created before iTunes 9).It is stored by default:
Windows XP and Windows 2000: \Documents and Settings\username\My Documents\My Music\iTunes
Windows Vista and Windows 7: \Users\username\Music\iTunes

Note: By default, the Windows version of iTunes does not copy all of the music you add to your iTunes library to your iTunes Media folder. You can get iTunes to copy all of the Music in your library to your iTunes Media Folder (if you have enough hard drive space) by choosing Consolidate Library from the Advanced menu.
Drag the iTunes Media folder to a publicly accessible location. The publicly accessible music folder is:
Windows XP and Windows 2000: \Documents and Settings\All Users\Documents\My Music
Windows Vista and Windows 7: \Users\Public\Public Music

Important: Do not move the iTunes folder, the iTunes Library file or the iTunes Library.xml file.
Open iTunes.
From the Edit menu, choose Preferences.
Click Advanced.
Click the Change button.
Navigate in the Change Music Folder Location dialog to the location of your iTunes Media folder.
Click OK.

Repeat these steps for each account that is sharing music with other users.

Note: If multiple users on your computer are storing music in one publicly accessible folder, duplicate song files appear when a user imports music from a CD that has already been imported by another user.

In simple, you can use this account like your using two separate account 1 for your and other which is using your hubby.