Retard... Create 3 folders in your game directory named
Planetside 2 - Main
Planetside 2 - Alt
Copy the original game files to 2nd folder, and just run them as you normally do.. create a different account for each set of game files.
That is all you are needing to do, no need for sandboxie or anything like that.
And if your wanting to do what the guy above me just said, where you create a killer, a victim, and a reviver. (killer kills victim of enemy faction, reviver revives) Then there is already an automated script for this somewhere in ps2 thread.