No, if you already have one of the games, it will simply add the other one to your account and the extra game will be lost.
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Sadly steam makes it so you lose a game if you already have one.
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If I buy a "bundle" of games on Steam, for example Penny Arcade's On the Rain-Slick Precipice of Darkness 3 and 4 Bundle, is it possible to activate one game and gift or trade the other?
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