As long as you don't use it for personal gain (Upvoting your own comments, having fake conversations with yourself, etc), you don't spam troll or flame, and you state that it is an alternate account belonging to you, I think you can have one. I'm really not too sure.
Alternate accounts are definitely a bannable offense. Use of an alternate account for personal gain, promotion of another account, circumvention of a ban, etc. will result not only in a long permanent ban, but depending on the circumstances may result in an immediate permanent ban of one or both of the accounts.
The only time an alternate account is acceptable is when the member clearly states on both profiles that it is being run by the same person (ex: when people are running a profile for a club or something).
My advice: don't make alternate accounts. If we find you, you will be banned, and it will likely be for good.
You realize that you have already admitted that you have an alternate account? Thus admitting that you have broken the rules? And therefor inviting a ban upon yourself?