What you're suggesting is possible, but won't be supported. ESXi only supports a few NICs and HBAs for VMDirectPath and there are a number of limitations to using it. It is possible to pass through a video card to a VM (I've tried it myself) but the practically of using a VM in such a manner is limited. If you want to access the VM "at the console" then you need to pass through a keyboard and mouse to the VM as well (possible with USB passthrough on ESX(i) 4.1 +. If you just need the VM to access the card and you'll acces the VM remotely (vsphere console / VNC) then you'll be able to do this. No gaurantees that it will work (I've seen some succeed and some fail).
VMDirectPath requires a MB with Intel VT-d or AMD IOMMU support. Each card would also have to be on a seperate PCI bus.
Dave
VMware Communities User Moderator
Now available - vSphere Quick Start Guide
Do you have a system or PCI card working with VMDirectPath? Submit your specs to the Unofficial VMDirectPath HCL.