A Complex Proposition: Multiple Instances of WP on a site?

Hi all!

So here’s the story. A buddy and I are cooking up a website concept. There are plans for a web comic, some sort of episodic video offering, potentially audio podcasts, and (the relevant bit) 3 discrete blogs.

Now, these blogs are (1) only a single element of the site, and (2) not necessarily unified in purpose. It’s just three people involved in the site and we’re trying to give them the ability to have their unique blogs, themes, etc.

My question is, firstly, is it possible to make a WordPress-powered blog a sub-element of a larger website scheme, and second, if the aforesaid is answerable in the affirmative then can I make three distinct blogs as three distinct sub-elements of the same site? Would it require installing 3 instances of WP, or is this just pie in the sky?

Thanks!