Yes, but it requires D2loader i am pretty sure.
Allow me to explain.
http://newd2event.net/index.php?id=hacks/d2loader
How to run multiple D2 windows with one D2 folder (thx Senkin):
Things you need to have and have download onto your desktop before trying this:
1.) Have at least one extra set of Diablo II keys (Classic and LOD)
2.) Modified d2gfx.dll (This allows you to run multiple d2 windows)
3.) D2Loader (This allows you to use multiple keys and not have to have CD in the cdrom)
4.) Serby's ChangeCDKey (This is to make the cdkey file to allow multiple windows use different cdkeys)
How to do it:
1.) Open your diablo 2 folder (C:\Program Files\Diablo II) and make a backup of your d2gfx.dll file that is in there now.
(Right click on d2gfx.dll choose copy then right click on an empty area and choose paste, then right click on d2gfx.dll and choose rename and rename it it to a familiar name where you will know thats the backup)
2.) Move the modified d2gfx.dll you had downloaded earlier to your diablo 2 folder. Now when it asks about overriting the file choose yes to overrite the old d2gfx.dll since we have already made a backup copy of it.
3.) Extract the D2Loader you had downloaded earlier to your diablo 2 folder. Now rename the d2loader that should be in your diablo 2 folder to d2loader, then create a shortcut of it to your desktop.
(Right click the D2Loader that is now in your Diablo 2 folder (usually C:\Program Files\Diablo II\) and choose Send To -> Desktop (Create Shortcut) )
4.) Right click the newly created shortcut on your desktop and choose copy then right click on the desktop and choose paste.
* How to copy and paste is told above with the d2gfx, just do the same but with d2loader *
(This is so you can have one shortcut that uses the originally installed with diablo 2 and another that uses your extra cdkey set)
5.) Extract and run Serby's ChangeCDKey you had downloaded earlier, then choose Make New Key File, when it asks for filename put in cdkey.mpq (This name is used in the D2Loader to run D2 with the extra cdkey set), now after filling out file name click ok and then fill out the name and the cdkey's (Put in your extra cdkey set that you have here).
(Make sure your diablo 2 folder is located at C:\Program Files\Diablo II or the cdkey file will be made and put there making the next step not work)
6.) Right click one of the newly created shortcuts on your desktop and choose properties. Then in the text box named Target make sure it looks like this:
"C:\Program Files\Diablo II\d2loader.exe" -mpq cdkey.mpq
and then click OK.
(It is VERY important that you have that correct or it will just use the original cdkey on both d2loader shortcuts. If you want to have windowed mode or other choices just add it to the end.)
7.) Now you can run two diablo 2 windows at once with only one Diablo 2 folder needed!
