yes but both games will need to be in windowed mode (even if skyrim is in windowed full - that's fine)
Yeah. That's what I am doing it. Just make sure you set settings in WoW to absolute MINIMUM and reduce it's fps while window is hidden.
I oddly do that right now. My I7 pentium handles it pretty well but your mouse will mess up if you do not start skrim before you start your bots. It does not let you click anything on Skyrim.