Yes, I have two monitors linked up using an Nvidia GeForce card and it seems to work well EXCEPT have tried taking advantage of splitting the views when playing CFS2 and for some reason game struggles when I do this as if the refresh rate can't cope...... Using the two monitors with completely independent applications works fine so that may be one to be aware of!
An alternative arrangement that my mate uses is two graphics cards - one in the AGP slot and a second PCI one. Hopefully the Guru's here will be able to advise better on the most appropriate solution to give you the best performance...... Good luck anyhow.