Do this. Make a copy of server/default (for example, copy it as server/other). Deploy one of the WARs to server/default/deploy, and the other WAR to server/other/deploy. Then run the servers giving the -b option, as follows:
run -c default -b IP1
run -c other -b IP2
But, I have a restriction to run only one JBoss instance. i.e 2 processes will be started if I execute run script twice.