Yes, it can be done. But make sure you have the resources to do so. My cousin had both a Sound Blaster AWE64 and a S3 Sonic Vibes in his computer. One was for recording for his band, and one for gaming and whatnot. Get cards that are good at sharing resources. The two he had were both resource hogs, but were good at sharing, so they worked fine.
Russell "Mr.Bios" Sampson