Multiple instances of PowerPoint (2007)

As M'vy points out, it's not really possible right now without running the other copy in a separate user space (i.e. by using RunAs). Aside from running it twice, perhaps you could stretch it across both monitors and then open both presentations.

From the PPTFaq site:

• If PowerPoint is maximized, click the "Restore Down" button (the one to the left of the "Make it Go Away" X in the upper right hand corner).
• Drag the lower right hand corner to the right to expand the PPT screen onto the second monitor.
• Open two presentations
• Choose Window, Arrange All from the main menu bar.

I'm going to go ahead and post this as an answer because it took me about 20 minutes to figure it out. Really, this is just a work-around but nothing else I found worked or wasn't practical for my situation (like creating a second user).

Save your Power Point as a PDF. Open up multiple instances of your PDF viewer (Adobe, browser, whatever).

Note that two PowerPoint items in the taskbar is not the same as two instances of PowerPoint.

If you look at your task list/processes, you'll only see one instance of Powerpnt.exe, and you'll also find that you can't work in multiple independent PPT windows, each with its own ribbon or toolbar/menu UI.

For that, as has been pointed out, you need to resort to multiple user tricks or bump to PPT 2010.