It is possible to use the same database for multiple boards but like you said you would have to manually edit the code for each board you had set up in every php file almost to change the names of the tables. This can be a very time consuming process, and I wouldn't recommend it.
And you do realize that if you plan to have more than 1 board using vBulletin that you will need multiple licenses right? Just checking because I know there are some people that don't know that.
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