http://www.hardforum.com/showthread.php?p=1032486098
A single 9800 GX2 does not require 40A on the12v rail for itself, but rather 40A total on the 12v rail for the entire system. 40A x 12v = 480 watts. The 9800 GX2 does not draw /anywhere/ near 480 watts, even heavily overclocked under full load. The 40A recommendation includes a generous buffer intended to keep those who buy trash PSUs from shooting themselves in the foot quite so badly, since many units that claim 40A on the 12v rail likely can't produce more than 25-30A reliably.
In reality, you'll be seeing more like 350-380 watts at the wall under full load on a system with an overclocked quad core. Assuming 80% efficiency, that's 280-304 watts internal draw for the entire system. Given a PSU is rated for its capacity for internal draw, not draw at the wall, it seems reasonable that a quality 650-700 watt unit actually capable of consistently providing its rated output could support quad SLI with a pair of 9800 GX2s.
Is it a good idea? No. Running your PSU past ~70% of its capacity is rarely if ever a good idea, and I don't recommend anyone try this. Just saying, it should be possible.