Yes.
Make a copy of your Diablo 3 folder.
Open the copy of your diablo 3 folder, create a shortcut to the Diablo III.exe
Go to the shortcut, right click it and hit properties
In properties, add -launch at the end in the "Target" box.
Example: "C:\Program Files (x86)\Diablo IIICopy\Diablo III.exe" -launch
Either click the advanced button and designate this shortcut to be ran as an administrator, or right click it and run as an administrator every time you launch it.
You'll need two demonbuddy sessions to use two bots, though.