You do not want to have two 'sites' running on the same database, especially two different versions of vb. When you update, the database gets upgraded and may cause problems if you try to access it using the older version files. If you create a test site running version 4.0, you will want it to have it's own database. You can, however, create a copy of the live database and import it as a new database to use on the test site.
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