Is it possible to have two soundcards being used in your pc?
I'm considering a Soundblaster Live and M-Audio 2496.

Absolutely.  Many of us do that.  The only thing that you'll have concern over is that you set your software to use the appropriate device.  It's not a chore at all.

For sure.  Depending your system, you can add a second internal card, or go with an external audio interface that connects via USB or Firewire.

Awesome thanks guys.

As a MAC person, I am curious about this...why would you need 2 different sound cards?

Occasionally some pro audio soundcards do not work very well with certain consumer programs.  I have had trouble with Digidesign interfaces in the past with iTunes and Windows Media Player.

Also, portability comes in to play if you have a notebook and don't wanna drag around a firewire/usb interface at all times if you need the extra audio inputs/outputs and high quality card.

cool.  Thanks man!