I hear it is possible. I don't do it as the drivers needed for FCP to use my Kona 3 card and the one Avid needs to run my Kona 3 card are different. Although I do have FCP installed on the Avid partition, so I can do some small tasks with it (Compressor, make DVDs using DVD SP).
And you have to be running LION, as Avid MC6 isn't supported on Snow Leopard.
Thanks for the heads up.. I been on the avid forums too and it seems no one is having any real probs so I am going to go for upgrading to lion, and buying avid MC 6..
It feels like a good decision finally made to get rid of final cut pro and move onto a platform that understands its users!!! (with the option of hanging onto fcp 7 until I get going with avid)
I bought MC 5.5 last summer, and upgraded to 6 when it came out. I have FCP 7 and family installed on the same system as well as CS5. All work great. I have this setup on a 2011 13" MBP running Lion. It works great. I like having all three on the same system, it really gives me a lot of flexibility. And I also have the same setup on a 2010 iMac 27, only this one has Snow Leopard and MC 5.5. I'm getting ready to switch it to MC 6, and take the MBP back to Snow Leopard though, it's just been sluggish since the upgrade. Other than that, I've had no problems with FCP and Avid living in the same house, if fact it's just been plain handy.