its possible, very simple actually.
I cant give you the exact code because Im still working on learning VB.
However, Its super simple to embed a web browser, and I have seen a tutorial where someone made a proxy browser, i forget where though.
You would need Form1 with 2 buttons, one launches Form2 (browser with the first proxy that you want) and the other button launches Form3 (second browser with the second proxy)
At least, thats how I would do it.
--Sorry I cant give you the code, because I, like you, am still learning VB.
Best of luck!