Use jQuery.noConflict(); would probably work, also why can't you just use one of them. It's probably easier to just slightly change the old script to use 1.3.2 if it doesnt work already. That way the user only loads 1 js file not 2 which will speed up your site and 1.3.2 is alot faster than 1.2.3. It would only take abit of debugging to check if it worked using something like firebug and replace a function maybe with the updated equivalent.
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