After my post on using PHP MySQLi and multiple prepared statements at the same time someone commented that using cursors could do the same thing. With that comment I dug some more and found that modifying the cursor type that is used under the covers will indeed let you execute multiple prepared statements concurrently on the same connection.
First off you may ask yourself why you would want to use this. The best answer I have for that is that the solution in the other post loads the entire result set into memory from the very start while with this solution you can control just how many rows you load. To get started you will want to take a look at the MySQLi statement set attribute call. This call is will let you modify the underlying cursor type that is used with the prepared statement in two ways that are useful for this issue.