New computer - dual boot help?

I got a new computer, bought it used. its supposed to be coming tomorrow and has 'windows 8 developer edition' already installed. I dont mind that; it seems like it will be fun and all to play around with, but id rather have windows 7 installed for all my gaming and pretty much everything else.

Will it be possible for me to set up a dual boot where i can have both operating systems and just pick which one i want at start up? or should i just erase the windows 8 OS?