Setting up WordPress Locally on WAMP for a new site (with one already)

Yes, usually you create a new database, user and password as well as use another copy of WordPress to create a new site. You can create a new directory in the same place where the “wordpress” directory is located and use that one for the new site.

Note that it is possible to use the same database for two different sites if you use a different table prefix (usually wp_). However, this is only advisable in same cases.