Yes its possible. I use dual monitors, where the first screen is for games and the other screen can be for any video playbacks, monitoring, chatting etc. I use displayfuzion also and it has a nifty feature to force programs to open on any of the two screens that I choose. But 99% of the time, 3d programs load on the primary monitor identified by the OS (i use windows 7).
Its also ideal to have a cheapo GT430/240 or anything low end from nVIDIA so that the GTX570 can enter its idle power mode (the secondary monitor should be attached to the second card).