The provided .msi installer for Krakatoa automaticaly removes previous versions. In order to get around that, you need to manually copy the Krakatoa folder to a different location and manage the 3ds Max plugin.ini entries on your own (ie. Can’t load both versions at once, only one at a time).
Yeah, that’s what I mean. But you can have Krakatoa 1.6.1 in Max 2010 and Krakatoa 2.0 Beta in Max 2012 and it will a-ok. If you had multiple entries for Krakatoa in the same plugin.ini you would get duplicate plugin ID error messages.