From version 0.9.8 all CWP servers have a CWP PHP Selector which can install all PHP versions with a single click.
Using CWP PHP selector you can use a different PHP version per folder or domain.

Usage instructions
In each folder where you want to run a different PHP version you only need to define it in the .htaccess file.

Example for file: /home/USERNAME/public_html/.htaccess

Use PHP 4.4
AddHandler application/x-httpd-php44 .php

Credits