Windows To Go is a portable version of Windows booted from a USB device. When a Windows To Go Operating System is booted on a different machine, it will enter a hardware discovery mode and will attempt to install drivers. This process only occurs on the first boot on a new device - on subsequent (re)boots the hardware is remembered and the boot process is significantly faster. Officially only Windows 8/8.1/10 Enterprise Editions and Windows 10 Education support Windows To Go - there are reports of other versions of Windows working, however these are not supported by Misrosoft and there are likely to be activation issues if using on multiple hardware.
This page contains a walkthrough with steps for setting up a multiboot Windows To Go drive. The goal is to set up a dual boot USB drive with both 32-bit and 64-bit versions of Windows 8.1 Update 1 operating systems - bootable on