Yep. In fact you could also put a PCI card into every slot, and a card into every PCIe slot and run however many monitors you can get each card to support. Matrox makes 4-display cards, if you have a mainboard with 7 slots, you could actually have 28 displays, and then you could plug in USB VGA devices and have even more. The only thing that might cause problems is driver instability with lots of cards installed, but Matrox really focuses on making professional cards and drivers that specifically are good at that sort of thing. nvidia and ATI cards at least work well enough with two cards and 4 displays, though having both brands and drivers for the two kinds installed might cause problems.
You don't need to worry about getting cards that are "x8" though. PCIe devices are (supposed to be) compatible with all slots that can at least physically hold them, even if the number of bandwidth lanes isn't as high as the card supports. You can put an x1 card into an x16 physical slot that only has x8 lanes, or an x16 card in a physical x16 slot with only x8 lanes or even only x1 lane.