Multiple run-time environments

System

Is it possible to have multiple LiveSite Run-Time environments for a single Development (Content Center) instance? Basically I am trying to set up a structure where users will be able to preview the site in an integrated "Staging" run-time environment prior to pushing code and content to "Production".

What is the best practice around setting up environments to support this type of integrated staging environment so that it can be pushed to as part of a single content creation workflow?