I run multiple versions of Ubuntu from a single HDD, never mind 4 HDDs.
When you install the first version, you should manually specify the partition table (option 3). Depending upon the size of your HDD and what you want to do with Ubuntu, you should create a suitably sized partition. I have a 160 GB disk, and I have used 20 GB partitions.
I started with a new partition table (in option 3), and I allocated 20 GB to a new partition, specified it was to be formatted as an Ext3 partition and that it would use the mount point '/'. I also created a swap partition that was approximately twice the size of the memory on the machine. I then let the install proceed as normal.
With the second install, I chose option 3 again and created another 20 GB partition to be mounted as '/'. It used the same swap partition. When the Grub loader was installed for the second install, it automatically picked up the first install as well and configured the menu so I can boot either version.
I have not tried installing Ubuntu on a multiple disk system.
I can mount the partition from one install when running the other one and vice versa.
If you want shared data between the different versions, you can create a data partition and a suitable mount point in each installed version. By adding the appropriate entry to the /etc/fstab files, you can make the shared partition mount automatically from either version as they boot up.
I also have partitions on the machine that run XP, Windows 98, Fedora, Damn Small Linux and Redhat 8. You are not restricted just to different versions of Ubuntu.