Interesting concept, to a very limited point you can. But in practacality no you can't.

Even if you completely reassign the keys on the second WoW you still expierence key crossover issues. You might be pressing Ctrl 1 and she might be pressing Shift at the same time so what the system recieves is CTRL Shift 1. You also have the issue of mouse control. You can run multiple mice on a single computer but you only have 1 cursor. You can not have multiple cursors.