Can I configure 7206vxr to have two independent routing table.
First for BGP and second for LAN traffic.
(7206vxr devided to two virtual devices)
I haven't got MPLS.
That is VRF-lite. Please search for this term on CCO. Most of the documentation you will find is relative to L3 switches, but it can be done on routers too. Note that many cases can be resolved also with policy routing.
Hope this helps, please rate post if it does!