Can you sync 2 iPhones on one computer?

I'm going to be getting my wife an iPhone for our anniversary, but all of our music is on this laptop, so is there a way to sync both phones to this computer and have separate music end up on our phones? How does this work with apps I've purchased and will it keep my calendar with my appointments so she can have her own calendar? Crap, that leads to another question: will my wife need her own iTunes account to enter into the phone or can she use mine because it's already hooked up to our protected credit card?

I suppose I can copy all of the music onto the desktop for access and have her sync to that iTunes, but that computer is dreadfully wonky since it's unfortunately a PC used for Internet Explorer for site checking with my designs and it has my PC Adobe CS software. That would keep calendars separate, but create a music headache for music purchased on one phone to be added to iTunes.

Thanks for checking out the noob questions.