A WordPress multi-site will handle this easily. This is what drives WordPress.com and the millions of sites (and domains) hosted there.
Each site in a multi-site can use it’s own theme, will host separate content, etc. Whether you use the subdomain or subfolder install, you will need to use domain mapping to route foo.com and bar.com properly.
The most common plugin I see used for this is MU Domain Mapping:
https://wordpress.org/plugins/wordpress-mu-domain-mapping/
There are a few things notably different between WP single and WP multi. Several good posts on the WP Codex cover the details. http://codex.wordpress.org/Before_You_Create_A_Network
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