Photographer and writer, Ben Long, has highlighted a nifty way of
creating multiple RAW edits that only take a few extra kilobytes of
disk space. Adobe Camera RAW has the facility to save the RAW
conversion settings applied to an image in a small XMP text file
His tutorial of how to do this can be found here
Although his tutorial is for Macintosh computers, conversion data can
be stored as an XMP file on Windows machines as well, although there is
no elegant way of saving multiple versions without Version Cue at
This can be especially useful for when you back up your RAW data as all
your previous conversion settings will be stored in these files for you.
To save the data as an XMP Sidecar file on a Windows PC, go to edit and
select 'Camera RAW preferences'.
In the drop down menu marked as 'Save image settings in', select
Sidecar "XMP" files.
If you wish to create multiple versions, simply rename the XMP files.
The one that matches your file will be the version you see in Adobe