I have two copies of the Jim Carrey "How the Grinch Stole Christmas," just for one example.  Each has the same UPC code.  But each has very, very different DVD case insert cover art.  The one I had first is the version with a close-up of the character's face.  The "alternative art" version has him in a weird, full-body pose, with the dog next to him.  It's totally different insert artwork, different text, etc... but the same UPC code.

I want to have BOTH in my collection.  They are, after all, different items, even if they have the same UPC code.

Is there SOME way to do that?

DVD Profiler used to have a "branch" function which allowed this, but I can't seem to find it anymore.  I might have merely forgotten how, but it looks to me as if this feature has been removed entirely.  (I'd hope not, but...)

So... is there any way to do this?  To have two versions, with different artwork, but with the same UPC code, in my collection?

exactly... this is already given to us under alternate versions.