What are the steps required in changing the URL for a checkbox installation? Is it as simple as creating a new virtual directory and updating the ApplicationURL in the web.config file?

Currently we have survey.xxx.org that is running Ultimate Survey (we need to keep this around for a while). We also have checkbox.xxx.org. What we'd like to do is create survey.xxx.org/cb instead of checkbox.xxx.org. Is this possible?

Thanks.