It can be done - but will require some patience. It will depend somewhat on wether you are running both monitors off one video card, or from seperate cards.
I run two monitors from one card. The second monitor is mainly used for the photoshop pallettes, tools etc so for me having that monitor profiled isnt essential. I calbrate my main monitor every month or so which is where I do all colour correction / adjustment.
For more info go to
www.photo.net and run a search on the Digital Darkroom forum.