Android - Is it possible to use 2-step verification with multiple accounts on a phone?

Yes, the Android as well as Blackberry versions of Google's Authenticator app supports multiple accounts.

Press MENU and choose SCAN BARCODE after you've set up your new Google Account for 2-factor auth to grab the displayed barcode or enter details manually.

Details: https://code.google.com/p/google-authenticator/

https://market.android.com/details?id=com.google.android.apps.authenticator

Google Authenticator creates two-step verification codes on your phone.

Google Authenticator works with 2-step verification for your Google Account to provide an additional layer of security.

Features:

• Automatic setup via QR code
• Support for multiple accounts
• Time and counter based code generation

To use this app, you need to enable 2-step verification on your Google Account.