Mag007,
2 databases on the same system, will work equally well. There's a number of options open to you, in terms of setting up replication, you can use the GUI, use SQL (means you need to understand the internal replication asn... tables) or a new scripting language for replication call asnclp. Personally I go for ASNCLP everytime, it's a fantastic way of developing a deployable repeatable process, which can be automated.
Cheers
Greg