Yeah, it's no problem to do this, but some things to bear in mind:
Running both monitors will very likely raise your idle clocks. It keeps my GTX480 idling in 3D mode even when both displays are just displaying the desktop. A quick shortcut to change displays is Windows Key + P. This will let you quickly cycle through display options. I make sure to set it back to computer only when not using the second display, as otherwise my card won't clock down to 2D idle speeds even if the second display is physically turned off.
Also, you may have some intermittent issues with sound output. Every time I've set mine up this way, it seems to want to default to using the HD output for sound. This means my desktop speakers and headphone (connected to my soundcard) no longer output any sound. Changing it back is simple enough, but my PCs have always been a bit eccentric about this.
For example - you can actually set a programme to use the HD sound output too. I did for a short while manage to have my HD output to our bedroom TV outputting sound via Media Portal through the HD lead to the TV speakers, whilst my default sound device remained my Creative SB. However, one day it decided to switch default sound device back to the HD output again, and when I switched it back myself, I couldn't get HD sound output working at all without it being the default device.
Short answer, though: yes, it will work
