if i get updated version can is there some way i can still keep the older version of powerdvd on the same system or will it overwrite it.
Very simple:
*Before* installing the new version, make a copy of the old one. e.g., make a copy of the "PowerDVD" directory. Rename this to PowerDVD3104 (for example).
Now install 3514.
You can switch back and forth all PowerDVD versions by renaming the "PowerDVD" directory.
EDIT:
For example, you want to switch back to PowerDVD 3104. Make sure no stupid PowerDVD processes are running, like PDServ.exe (very annoying program anyway, remove it from Windows startup).
rename PowerDVD to PowerDVD3514
rename PowerDVD3104 to PowerDVD
reboot
You don't even need to reboot afterwards, if you stop / start the PowerDVD kernel mode driver.
You can do this from device manager, the driver is called {95808DC4-FA4A-4C74-92FE-5B863F82066B}
or type
net stop {95808DC4-FA4A-4C74-92FE-5B863F82066B}
from the command prompt to stop it, and
net start {95808DC4-FA4A-4C74-92FE-5B863F82066B}
to start it.
EDIT2:
If I have the time, I can make a very simple script / program, which can do this automatically.