You don't need to switch on AWE. However it is recommended you grant the SQL
service account the "Lock Pages in Memory" right (you can do this by going
to Start>Programs>Administrative Tools>Local Security Policy and expanding
Local Policies>User Rights Assignment). For more details see
http://blogs.msdn.com/slavao/archive/2005/11/15/493019.aspx
Also, to keep memory usage under control by each instance set max server memory parameter under sp_configure.
MJ