Today a customer asked me if he could create multiple templates in the same document library (in our case Excel spreadsheet). The answer is of course Yes. Here is how you do it.

• From the Site Actions menu, select Site Settings.
• select Site content types.
• Click the create link at the top
• Enter the content type name, description, and parent content type. Use the content type “Spreadsheet”,  give it a description.Set the Parent Content Type, choose Document Content Types/Document.
• Click the OK button to finalize the creation process.
• Go to Advanced settings.
• Use for instance Excel to create a template file.
• Select “Upload a new document template” and browse to the template. Click Upload.
• Now go to the document library where you want to add the template and click Settings – Document Library Settings.
• Select Advanced Settings and change “Allow management of content types” to yes. Click OK
• Under Content Types click “Add from existing site content types”
• Choose the one you created and click Add and OK

Content types defined at a site level are available to that site and all subsites. It’s recommended that you don’t change the existing content types. 

Links

http://www.officesharepointpro.com/content/890/Creating-and-Using-a-New-Content-Type-in-SharePoint-2007.aspx