I have concrete5 running in my root folder. But I need to build out a new section of my site (with new add-ons) in a folder called say, "dev".

Is it possible to copy out my existing folders (blocks, controllers, theme files and so on) into "dev" (which is under "root") but use the concrete5 folder in "root"? I have limited space on my hosting service. Also it's possible I might need to update concrete5 while I am building out new functionality, so to have the "updates" folder inside of dev...