Not really possible, unfortunately. AMD has never developed something like this for the desktop, but back in the day, nvidia did have HybridPower on the desktop, which is exactly what you are looking for. Supposedly because the idle power of their 55nm parts was low enough, they dropped support for HybridPower on anything newer than a GTX280. It did have some limitations (no resolution above 1920x1200, small performance impact), but they're pretty negligible.
Rather short lived, but cool nonetheless. I have it running on one of our media centers so my girlfriend can play Sims 3, but be able to keep the idle power low when it's watching and recording TV. Nvidia doesn't have much info on whether or not it will work in Windows 7, but after installing the latest chipset and graphics drivers, it's working fine.
I believe the only way to get what you're looking for is to shutdown the copmuter and manually remove the card when not gaming and reinstall it when you are. Not at all practical...