Would someone tell me if I can install VS-2008 safely on a machine which is already VS-2010 is?
Yes I have done it several times, they set the edge from the edge, in fact, as given below In the form of Tim mentioned in the comments made, all versions of VS are designed to be able to install concurrently. To a large extent.
Update: Swan Paceant brings a good issue in the comments below and that is that file associations will be captured in the last version of the VS you have installed. This was not an issue for me personally, but you want to be aware of it. Thanks Hans!
You can restore file associations to Tools> Options> Environment> General> file associations
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